{"id":192785,"date":"2023-06-30T12:00:00","date_gmt":"2023-06-30T16:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=192785"},"modified":"2023-06-30T11:36:46","modified_gmt":"2023-06-30T15:36:46","slug":"what-is-market-sentiment-telling-us","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/what-is-market-sentiment-telling-us\/","title":{"rendered":"What Is Market Sentiment Telling Us?"},"content":{"rendered":"\n<p><strong>Sentiment: (a) An attitude, thought, or judgment prompted by feeling (predilection); (b) A specific view or notion (opinion).<\/strong><\/p>\n\n\n\n<p><em>(Definition of \u201csentiment\u201d from the Merriam-Webster dictionary)<\/em><\/p>\n\n\n\n<p>Investors and market \u201cpundits\u201d pay a great deal of attention to \u201cmarket sentiment\u201d because, regardless of the quantitative facts on the ground, what investors believe also matters a great deal, at least in the short term. As Warren Buffett stated, \u201cIn the short run, the market is a voting machine [i.e., sentiment], but in the long run, it is a weighing machine.\u201d<\/p>\n\n\n\n<p>So, what is market sentiment currently telling us, and can we glean useful information from that? Let\u2019s dive in.<\/p>\n\n\n\n<p>Focusing on the equity market, one measure of market sentiment is the \u201c<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#cboe-volatility-index\">VIX<\/a>,\u201d which represents a measure of stock market&nbsp;<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#volatility\">volatility<\/a>\u2014the lower the indicator, the more \u201ccomplacent\u201d or optimistic the market is. By this measure, the market is as complacent as it\u2019s been since pre-COVID-19 in January 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"760\" height=\"571\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-1-3.jpg\" alt=\"CBOE S&amp;P 500 Volatility Index\" class=\"wp-image-192791 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-1-3.jpg 760w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-1-3-700x526.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-1-3-300x225.jpg 300w\" data-sizes=\"(max-width: 760px) 100vw, 760px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 760px; aspect-ratio: 760\/571;\" \/><\/figure>\n\n\n\n<p>What about actual measures of investor sentiment? One common one is the American Association of Individual Investors (AAII) Investor Sentiment Survey. It seems investors are as optimistic (<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#bullish\">bullish<\/a>) as they\u2019ve been since November 2021.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"759\" height=\"549\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-2-3.jpg\" alt=\"US Investor Sentiment, % Bull-bear spread\" class=\"wp-image-192790 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-2-3.jpg 759w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-2-3-700x506.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-2-3-300x217.jpg 300w\" data-sizes=\"(max-width: 759px) 100vw, 759px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 759px; aspect-ratio: 759\/549;\" \/><\/figure>\n\n\n\n<p>Another sentiment indicator is the&nbsp;<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#State%20Street%20Investor%20Confidence%20Index\">State Street Investor Confidence Index<\/a>, which focuses on institutional versus retail investors. Here we begin to notice some \u201cdissonance\u201d between the two groups\u2014institutional investors are far less sanguine than retail investors, but the trend remains to the upside.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"561\" height=\"440\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-3-2.jpg\" alt=\"State Street Investor Confidence Index,\" class=\"wp-image-192789 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-3-2.jpg 561w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-3-2-300x235.jpg 300w\" data-sizes=\"(max-width: 561px) 100vw, 561px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 561px; aspect-ratio: 561\/440;\" \/><\/figure>\n\n\n\n<p>Still another sentiment indicator is the Deutsche Bank \u201cEquity Positioning\u201d indicator, which suggests equities currently are \u201coverbought\u201d by both \u201cdiscretionary\u201d and \u201csystematic\u201d investors\u2014another signal of (perhaps complacent) optimism.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"566\" height=\"833\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-4-1.jpg\" alt=\"equity positioning is now clearly overweight\" class=\"wp-image-192788 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-4-1.jpg 566w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-4-1-300x442.jpg 300w\" data-sizes=\"(max-width: 566px) 100vw, 566px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 566px; aspect-ratio: 566\/833;\" \/><\/figure>\n\n\n\n<p>Finally, let\u2019s look at a commonly used measure of market sentiment\u2014the \u201c<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#put-call-ratio\">put\/call ratio<\/a>.\u201d Investors purchasing put options suggests a negative market sentiment, while purchasing call options represents a positive market sentiment. So, the lower the put\/call ratio (i.e., the more call options purchased versus put options), the more optimistic the market is behaving. While this is a highly volatile indicator, we can once again see that investor optimism, as measured by this ratio, is as high as it has been over the past 12 months.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"759\" height=\"541\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-5.jpg\" alt=\"CBOE Equity Put\/Call Ratio\" class=\"wp-image-192787 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-5.jpg 759w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-5-700x499.jpg 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-5-300x214.jpg 300w\" data-sizes=\"(max-width: 759px) 100vw, 759px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 759px; aspect-ratio: 759\/541;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-so-what-does-this-all-mean\"><strong>So, What Does This All Mean?<\/strong><\/h2>\n\n\n\n<p>Market sentiment, to us, seems elevated and complacent, especially considering elevated valuations (at least in some portions of the market), slowing economic growth, decelerating corporate earnings, uncertain&nbsp;<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#federal-reserve\">Fed<\/a>&nbsp;policy, still-too-high&nbsp;<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#inflation\">inflation<\/a>&nbsp;and an uncertain geopolitical environment.<\/p>\n\n\n\n<p>Markets determined to run higher can certainly continue to do so\u2014<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#momentum\">momentum<\/a>&nbsp;and sentiment can be powerful catalysts. It is also relevant to recognize that much of the market performance has been driven by this year\u2019s \u201cmeme theme\u201d\u2014<a href=\"https:\/\/www.wisdomtree.com\/blog\/glossary#artificial-intelligence\">artificial intelligence (AI)<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full img-twothird\"><img decoding=\"async\" width=\"476\" height=\"825\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-6.jpg\" alt=\"AI stocks have lifted the S&amp;P 500 this year\" class=\"wp-image-192786 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-6.jpg 476w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/06\/figure-6-300x520.jpg 300w\" data-sizes=\"(max-width: 476px) 100vw, 476px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 476px; aspect-ratio: 476\/825;\" \/><\/figure>\n\n\n\n<p>Historically, however, fundamentals eventually have always mattered again. We are not market timers, nor are we bearish on the longer-term performance of the stock market.<\/p>\n\n\n\n<p>The current complacency among many investors gives us pause because most investors are notoriously poor market timers. We are not \u201cChicken Little\u201d and are not claiming \u201cthe sky is falling.\u201d<\/p>\n\n\n\n<p>But we do suggest paying closer attention to underlying market fundamentals and not just current market momentum.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted June 29, 2023 &#8211; <a href=\"https:\/\/www.wisdomtree.com\/investments\/blog\/2023\/06\/29\/what-is-market-sentiment-telling-us\">What Is Market Sentiment Telling Us?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Scott Welch takes a look at current market sentiment and what useful information can be taken from it.<\/p>\n","protected":false},"author":381,"featured_media":192791,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[1383],"contributors-categories":[13638],"class_list":{"0":"post-192785","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-market-sentiment","14":"contributors-categories-wisdomtree-u-s"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Is Market Sentiment Telling Us? | Traders&#039; 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