Are Traders Bullish Enough on Oil?


Traders remain cautious towards risk assets like stocks, as judged by our latest sentiment survey. But what's really interesting is that traders aren't more bullish on gold and oil, given their recent big runs.

Let's jump in.

IMPORTANT: when we reference "traders" in this article, we are specifically referring to T3 Sentiment Survey respondents.

SPX: Traders Still Cautious

Three weeks ago, bullish sentiment on SPX fell to 19% - by far the lowest reading we've ever had in our admittedly short 19 week history.

It has since rebounded to 42%, but that is still a fairly bearish reading.

Bitcoin Sentiment Off the Lows

Bitcoin Sentiment was at record lows two weeks ago, and it has since bounced to 40%. That is definitely in the bearish category.

Apple Optimism Growing...

Optimism towards Apple grew for the third week in a row, hitting 45%. Again, that's still in the bearish camp. 

Tesla Still Not Feeling Much Love

Tesla (TSLA) sentiment is off the lows, but you definitely can't say it's a loved stock as just 36% of traders think it is going up.

Gold Bullishness Falls

Oddly enough, gold bullishness has fallen for weeks - even with the Ukraine-Russia war intensifying, and inflation going through the roof.

Oil Sentiment Drops

Oddly enough, oil sentiment has actually dropped in recent weeks, even with oil going straight up.

Crude oil futures hit a shocking $130.50/barrel on Sunday evening to top off a parabolic move from the $90's in late February.

What Happens Now?

Traders are still cautious on the market for good reason, including:

But sentiment has growth less bearish over the past few weeks.

Now we'll see if traders are being fooled.

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