I have been seeing a few articles pop up about how bearish Wall Street is about the current rally. The chart below courtesy of Merrill Lynch has been popping up for the past few months.
Apparently it is telling me that analysts have not been this bearish for about 30 years. To be honest I am not certain what to make (if anything) about these sorts of charts. Brokers/analysts are the last people to know anything about the market.
Seeing the chart above reminded me of an old file I kept in the archive.
Whilst somewhat dated the data above looks at the forecasting record of advisors. In summary if you had followed their advice over the 20 year survey period you would have made 137 points. If you had done the opposite you would have made 6,095.