Traders Don’t Want Tesla. They Want Gold


Traders were very bearish last week -- and they were right to be negative, because it was another lousy week for the market.

In this week's sentiment survey, the bearishness extended, and we're at an interesting inflection point -- traders are more bullish on gold than on any other asset, including Tesla (TSLA).

SPX Bulls Still Hard to Find

The S&P 500 is down 8% year-to-date, with major relatives weakness in high-growth stocks. 

So it's no surprise traders are bearish, with just 37% of survey respondents bullish on the market for the next 30 days.

Bitcoin Sentiment Drops BIG

Just 34% of surveyed traders are bullish on Bitcoin, which is no surprise given Bitcoin's big drop on Saturday. 

Bitcoin is now down almost 30% year-to-date as risk assets remain out of favor.

Apple Sentiment Still Bearish

Apple (AAPL) sentiment rebounded from last week's record low of 37%, but only slightly.

Tesla Perks Up, But It's Still Unloved

Tesla (TSLA) also perked up a bit from last week, but not by much.

Gold Bulls Are here

71% of survey respondents said they are bullish on gold, making it the most favored asset in this week's survey.

Oil Sentiment Flattish

Oil prices and energy stocks have been ripping in 2022, so it's no surprise traders still like oil.

The Big Question, Again: Does Negative Sentiment Mean We Are Bottoming Out?

Last week, we asked "Does Negative Sentiment Mean We Are Bottoming Out?"

Because the market has a tendency to turn up just when people. And right now, traders clearly favor commodities over risky stocks.

For now, traders remain fearful, with SPX futures in the red.

But if you're looking for guidance in this tough market, you can check out this special Sami Abusaad deal.

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