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For those that don’t know, back in late September I vowed not to shave until the S&P 500 saw it’s first 10% correction in years.

Since then I’ve been tracking “the beard indicator.” During this tight trading range over the past few months sentiment has been swinging from bullish to bearish in a matter of minutes it seems. One day, I get loads of folks telling me I’m never shaving again. The next they tell me to get my razor ready.

Last Monday, stocks gapped up and folks were rather bullish:

Today they gap down and they’re not feeling so bullish anymore:

Is there any better contrary signal out there right now? I think I may have to figure out how to quantify this thing. I could probably build an ETF around it and make a fortune right now.