The Gilmo Report

August 14, 2022

August 13, 2022 7:04 pm ET

Sentiment among active investment managers has now turned decisively bullish. The National Association of Active Investment Managers Exposure Survey shows that those managers participating in the survey now sport a net long exposure of 71.59%, according to the latest data released on Thursday.



Meanwhile, I read various media blurbs discussing how the S&P 500 failed at the 50% retracement mark on Thursday on a long-tailed reversal, and that no bear market rally since 1950 has ever exceeded a 50% retracement of the prior decline off the absolute peak. The Fibonacci line in the sand for the S&P, therefore, lies at 4227.74, according to this statistic.

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