Too Few Bears Spells Trouble

Posted by Barry Ritholtz - The Big Picture

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Albert Edwards of Société Générale makes the simple contrarian arguement that the low number of equity bears is a bad sign for equities:

“The current extremely low number of equity bears (the lowest since the market top of 2007 – see chart below), the likelihood is that the next leg of the long-term structural valuation bear market is closer than people might realise.” Here is Edward’s chart: