Well, it was a tiny poll but here are the results. It is too hard to read the blogger display to the right.
11% - like it was in July, ready to rock
38% - just relieving oversold
50% - not going anywhere soon
Toss in the rounding error and we can see the majority of readers with an opinion think the market is just in chop city for the near-term. And why not? Interest rates are being held low, the economy is seemingly rebounding sans jobs but inflation is peeking through. Consumers are not confident any more and even HR Block took a hit as more people are doing their own taxes to save money (yuck!).
Don't take this as a contrarian indicator. For starters, there is no track record. Next, the sample size is tiny and readers of a technical analysis blog are likely a bit more sophisticated than the average investor. Not because of me but for the topic.
Anyway, I find it interesting that the analysts and economists are bullish yet only a fraction of readers agree.