FC MARKET SENTIMENT
57.54
30-Day Change: -0.68%
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Weekly Sentiment

February 9, 2010

Sell-side’s Still Searching for Direction

Foreign Issues Make it Hard to Fathom Where the US Market is Headed

The dominant factor in the market at the moment seems to be the budget and debt problems of a handful of European countries. It has become hard to discern what current market thinking is relative to our myriad of domestic issues. Even though it has been peak reporting time for earnings and those reports in general have been reasonably good, the market seems to still be searching for direction. It is still not clear if the recent pull back in the market is the start of a substantive market correction.

Particularly in times like this, when the market itself is providing little direction to investors, sell-side sentiment can be useful in providing help in which industries make the most sense. There are some pronounced sell-side sentiment trends to the upside in two industries and to the downside in two.

Positive Sentiment Trends Continue in Technology and Consumer Services

Last week we said that there were strong upward trends in the Technology, Consumer Services, and Oil & Gas industries. After a 7% drop in sell-side sentiment last week, the Oil & Gas industry fell off the upward trend list. The drop broke not only a two-month upward trend, but also a broader seven-month upward trend in sell-side sentiment.

Even though sentiment for Consumer Services was only up 1% last week and for Tech was barely above flat with the week before, the solid two-month uptrend in both industries remain unbroken. Sentiment for Consumer Services also remains in a broader eight-month uptrend, while sentiment for Tech appears to be ready for an upside breakout of a flattish seven-month channel.

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