Wall Street analysts very bearish
Never in the history of Wall Street have analysts been so bearish.
“According to Bloomberg, ‘hold’ recommendations exceeded ‘buy’ recommendations on U.S. stock picks for the first time in February. Today, 47.8% of ratings are ‘hold’ while only 45.3% are ‘buy’. Sells have increased to 6.9% from 1.9% in March 2000.”
There’s and old market theory that when everyone says “sell”, it’s time for the next leg of a bull run. And since we all know that “hold” often means “sell” in the lexicon of Wall Street, is this a “buy” signal??
MRM
(hat tip to Canaccord’s research dept.)
Indeed, once they’ve run out of stocks to downgrade, it can only be upgrades they can offer from here right? 😉
(I was enjoying the effects of an upgrade on INTC for one just last week)
Usually, in i-banking terms, “Sell” often means “sorry, but you should’ve already sold last month, weren’t you listening to my Hold recommendation?…” 🙂