Oil Bulls Back Off


Traders are still cautious towards risk assets like stocks and Bitcoin.

And interestingly, traders grew less bullish on oil this week, just in front of today's drop in crude prices.

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

SPX: Traders Are Still Cautious

Four weeks ago, bullish sentiment on SPX fell to 19% - by far the lowest reading we've ever had in our admittedly short 20 week history.

It has since rebounded to 39%, which is still a fairly bearish reading.

Bitcoin Sentiment Not Bouncing

Bitcoin Sentiment was at record lows four weeks ago, and it has since bounced to 41%. That is definitely in the bearish category, even with traders speculating that the conflict in Ukraine is increasing demand for cryptos.

Apple Optimism Edging Higher...

Optimism towards Apple grew for the fourth week in a row, hitting 50%. That's split right down the middle.

Tesla Split Down the Middle

Tesla (TSLA) sentiment is at 50% - split down the middle, just like Apple.

Gold Bullishness Sliding Lower

Even with the Ukraine-Russia war intensifying and inflation going through the roof, gold sentiment has drifted lower for weeks now.

Oil Sentiment Drops

Oil has led the market in 2022, but sentiment is dropping as many traders anticipate the highs being in.

What Happens Now?

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

Now we'll see if traders are merely complacent ahead of another potential drop.

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