Individual investors are giving up.
According to a study by the Conference Board, individual ownership in shares of U.S. companies has hit an all time low. Indifference is the last step before recovery according to some famous construct that Google and I can't come up with at 6:30 AM.
Anecdotally this is so true. Nobody wants to talk about stocks any more. Not on the golf course, not at parties. CNBC would rather talk about politics or storms.
I'm sure it's cyclical and have no idea how long the cycle is. I'm also sure that from these levels some better than expected good news (not less bad than expected news) will move stocks higher.
The futures are happy. Could be a good day.
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