NEW YORK ( TheStreet) -- The Dow hit a new record high today. And the action reversed some of the bearish sentiment that had overtaken commentary about the major indices on StockTwits.com. But far from all of it.
Sentiment on the ETF that follows the Dow Jones Industrial Average (DIA) swung to bullish, with 51% of users calling for gains.
However, for most investors, the celebration was incredibly uneasy. Some pointed to the sharp sell off in momentum stocks as evidence that the character of the five-year bull market had changed. And they wondered whether the apparent correction in valuations of momentum stocks seen in the last month would soon spillover into the broader market.
? Matt (@BetaBouncer) May. 9 at 11:48 AM
Arguably, the momentum selloff that crushed small caps had already taken down the tech sector as a whole. The Nasdaq closed the week down, despite rising Friday. Commentary calling for gains dropped along with the weekly price action. Sentiment on the ETF that tracks the tech-heavy Nasdaq (QQQ) fell to 52% bearish Friday.
@BeckyHiu The Low hanging MOMO fruit gets sold off first. Its how it always happened in the past.? The Option Wizard (@OptionsWizard) May. 8 at 04:39 PM
At the time of publication the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.