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Mark Hulbert: The surprising source giving this bull market a new lease of life

CHAPEL HILL, N.C. (MarketWatch) — The bull market has received a new lease on life from a most surprising source: stock-market timers.

They have done so by turning remarkably cautious. It’s surprising, and bullish from a contrarian perspective, because market timers typically become more bullish as stocks power higher.

Not this time, however.

Consider the average recommended stock-market exposure among the market timers I monitor who focus on forecasting the S&P 500’s SPX, +0.52% short-term gyrations (as measured by the Hulbert Stock Newsletter Sentiment Index, or HSNSI). This average currently stands at 37.5%.

That’s below the HSNSI’s long-term average of 44%.

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