Citi Flashes Warning on S&P 500 ‘Overshoot’ Rally: Taking Stock
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A record-setting November for the S&P 500 Index is renewing anxiety about how long the advance will last, and some signs indicate the market may be poised for a breather.
Take a gauge of sentiment compiled by Citigroup that tracks metrics from margin debt to options trading and newsletter bullishness. This reading of panic versus euphoria rose to 1.10 from .87 over the weekend in a sign that this round of investor exuberance may start fading. The last time the level was this high was in August, before stocks embarked on a 9.4% slump.