The boys over at Bespoke noted recently that analysts have never been less bullish than they are currently:
According to Bloomberg statistics that track analyst buy, sell, and hold ratings, only 36% of all ratings are currently buys. As the chart below shows, this is the lowest level since at least 1997, and significantly lower than the 75% level we saw in 1997 and 2000.
If, for the first time in financial history, analysts are no longer bulls but still not outright bears what are they?
I fear there is only one other possibility and, if it’s true, no bailout will be able to save us from a truly disastrous fate. Only one man can save the world from the horrible ManBearPig…
…and that man is Al Gore:
[youtube http://www.youtube.com/watch?v=xf69EEL3WBk&hl=en&fs=1](Click for video)(In all seriousness, add another bullish, contrarian indicator to the growing list.)
Source:
Analysts at Their Least Bullish Levels Ever
Bespoke Investment Group
November 25, 2008