The National Association of Active Investment Managers (NAAIM) publishes a weekly sentiment indicator designed to measure the current market exposure of association members who based their investment strategies on active management. NAAIM has been gathering data and plotting the index since July of 2006.
While the survey is conducted weekly, it still gives us an idea of what other money managers were thinking before yesterday’s decline:
As you can see, most members (including myself) have been in a bearish mode for the past few weeks. I’ll post next week’s index to see if we are starting to see some bargain hunting from NAAIM members, or if the consensus is still bearish.
(disclaimer – I am a member of NAAIM)
source – NAAIM