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Mark Hulbert: Market timers just gave stock investors a reason to celebrate

The bull market may be getting old, but it still has more life.

That is the conclusion contrarians could reach now given market timers’ reaction to the U.S. market sell-off last Monday and Tuesday. Many of them quickly ran for the exits, in the process rebuilding the wall of worry that bull markets like to climb.

At major market tops, in contrast, the typical pattern is for the market-timing community to remain stubbornly bullish.

Consider the average recommended stock market exposure level among a subset of Nasdaq-focused market timers I monitor (as measured by the Hulbert Stock Newsletter Sentiment Index, or HNNSI).

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