A contrarian stock market indicator is on the verge of flashing a 'buy' signal, Bank of America says [Yahoo! Finance]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance
The bank's Sell Side Indicator is just three percentage points away from flashing a bullish reading. The backdrop for economic growth also looks strong, the bank's economists said in a note. A contrarian indicator in the stock market is edging closer to a "buy" signal, according to Bank of America. The bank's Sell Side Indicator, a contrarian stock market gauge that flashes a bullish signal when investor sentiment is bearish, and vice versa, is now closer to a "buy" signal than a "sell" signal, strategists said in a note on Wednesday. The SSI is still in neutral territory, but the gauge slipped in April, thanks to the S&P 500's steep sell-off over the past month. The lower reading is a bullish sign for stocks, as the indicator is now just 3.3 percentage points away from flashing a "buy" reading, strategists said. "The SSI has been a reliable contrarian indicator - in other words, it has been bullish when Wall Street was extremely bearish, and vice versa," the bank wrote.
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