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David Morrow
The bulls won't let up when it comes to TheStreet.com Real Money Barometer survey.
For the eighth week in a row, bullishness is the prevailing sentiment. The bulls also did it in impressive fashion, logging 1,101, or 42%, of the 2,640 votes cast. The bears copped 815 votes, or 31%, while neutral came in at 717 votes, or 27%. In the sectors, precious metals was tapped as most likely to rise. Automobiles was seen as most likely to fall. Last week there was concern about signs of slowing economic growth, coupled with falling bond yields and a weak dollar vs. the euro. The Institute for Supply Management survey of manufacturers came in at 49.5 (a reading below 50 is considered to signal an economic retraction). On Monday, stocks seemed to have few concerns as the Dow Jones Industrial Average was up 101 points, to 12,295; the Nasdaq Composite was surging 39 points, to 2452.65; and the S&P 500 was up almost 13 points to 1410. Bank of New York(BK Quote) and Mellon Financial (MEL Quote) said they would merge in a $16.5 billion stock swap. The deal will form the world's biggest securities-processing and custodial bank. On the not-so-good news front, Pfizer(PFE Quote) shares plunged Monday as investors reacted harshly to the company's decision to stop working on a cholesterol drug that had been viewed as the foundation for future. Pfizer said Saturday night that it would halt development on torcetrapib because more deaths than expected occurred in a big clinical trial. Oil prices were slipping below $63 a barrel Monday on expectations that cold weather blanketing the country will not last and that the Organization of the Petroleum Exporting Countries will not trim production deeply enough to prop up prices. Below are the complete poll results. |
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| Date | Bullish | Bearish | Neutral | Week Ending S&P % Change |
Bullish Sector |
Bearish Sector |
| Dec. 4 | 1101 (42%) | 815 (31%) | 717 (27%) |  |
Precious Metals | Automobiles |
| Nov. 27 | 408 (45%) | 253 (28%) | 235 (26%) | -0.3% | Precious Metals | Homebuilding |
| Nov. 20 | 1194 (56%) | 351 (17%) | 570 (27%) | - 0.02% | Multiline Retail | Integrated Oil |
| Nov. 13 | 563 (46%) | 334 (27%) | 328 (27%) | + 1.5 | Precious Metals | Pharmaceuticals |
| Sector | Total Votes | Percentage |
| Aerospace and Defense | 50 | 2% |
| Airlines | 24 | 1% |
| Automobiles | 17 | 1% |
| Beverages and Food Products | 35 | 2% |
| Biotechnology | 93 | 4% |
| Commercial Banks | 64 | 2% |
| Computers and Peripherals | 110 | 4% |
| Consumer Nondurables | 49 | 2% |
| Energy Equipment & Services | 274 | 10% |
| HMOs and Hospitals | 93 | 4% |
| Homebuilding | 119 | 5% |
| Insurance | 24 | 1% |
| Integrated Oil | 444 | 17% |
| Internet, Software Services | 159 | 6% |
| Investment Bankers and Brokers | 72 | 3% |
| Media | 11 | 1% |
| Multiline Retail | 74 | 3% |
| Pharmaceuticals | 161 | 1% |
| Precious Metals | 450 | 17% |
| Semis, Semi Equipment | 70 | 3% |
| Telecom Equipment | 45 | 2% |
| Tobacco and Alcohol | 53 | 2% |
| Utilities | 88 | 3% |
| Wireless Communications | 43 | 2% |
| Source: RealMoney.com | ||
| Sector | Total Votes | Percentage |
| Aerospace and Defense | 47 | 2% |
| Airlines | 181 | 7% |
| Automobiles | 565 | 22% |
| Beverages and Food Products | 52 | 2% |
| Biotechnology | 42 | 2% |
| Commercial Banks | 85 | 3% |
| Computers and Peripherals | 47 | 2% |
| Consumer Nondurables | 98 | 4% |
| Energy Equipment & Services | 36 | 1% |
| HMOs and Hospitals | 43 | 2% |
| Homebuilding | 383 | 15% |
| Insurance | 20 | 1% |
| Integrated Oil | 105 | 4% |
| Internet, Software Services | 56 | 2% |
| Investment Bankers and Brokers | 71 | 3% |
| Media | 55 | 2% |
| Multiline Retail | 167 | 6% |
| Pharmaceuticals | 137 | 5% |
| Precious Metals | 89 | 3% |
| Semis, Semi Equipment | 146 | 6% |
| Telecom Equipment | 58 | 2% |
| Tobacco and Alcohol | 39 | 1% |
| Utilities | 31 | 1% |
| Wireless Communications | 56 | 2% |
| Source: RealMoney.com | ||
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