Bulls Take Poll Despite Disastrous Last Week

Damn the selloff, it's full speed ahead for the bulls in TheStreet.com RealMoney Barometer poll. And Monday's wild rebound rally showed that outlook was prescient.

On Monday, perhaps buoyed by a concerted effort by foreign governments over the weekend to shore up their wounded banks, investors sent the Dow Jones Industrial Average soaring a record 936 points -- its biggest one-day point gain ever. That level came just 11 trading days after the index registered its largest single-day drop -- 777 points -- on Sept. 29.

The S&P 500 and Nasdaq also enjoyed banner days, with the S&P's gain of 104 points sending it back over 1000. The Nasdaq rose 195 points.

As for the poll, despite coming off one of the worst weeks ever for the stock market, the bulls took 629, or 45% of the 1,384 votes, while the bears got 441 votes, or 32%. Neutral was the sentiment of 314, or 23%.

In the sectors, automobiles was seen as most likely to decline, with commercial banks seen as most likely rising. That sentiment seems logical in that the carmakers' revenue is restricted by the tight credit market, which curtails prospective car buyers' ability to finance vehicles.

Commercial banks, such as Bank of America ( BAC), have reaped the windfall of investment banks' demise.

The three major indices were filleted last week as investors fretted that liquidity injections by the government weren't reviving credit markets. The Dow and the S&P 500 each dropped 18%, and the Nasdaq fell 15%.

Below are the complete poll results.

Date Bullish Bearish Neutral Week Ending
S&P % Change
Bullish
Sector
Bearish
Sector
Oct.
13
629
(45%)
441
(32%)
314
(23%)
Commercial Banks Automobiles
Oct.
6
1,145
(34%)
1,559
(47%)
646
(19%)
-18% Commercial Banks Automobiles
Sept.
29
32
(39%)
35
(43%)
14
(17%)
poll-9.4% Commercial Banks Integrated Oil
Sept.
22
271
(39%)
260
(38%)
158
(23%)
-3.3% Commercial Banks Investment Bankers and Brokers
Sept.
16
261
(34%)
382
(50%)
117
(15%)
+0.1% Precious Metals Investment Bankers and Brokers

Sector Total Votes Percentage
Aerospace and Defense
18
1%
Airlines
34
3%
Automobiles
182
13%
Beverages and Food Products
11
1%
Biotechnology
4
0%
Commercial Banks
153
11%
Computers and Peripherals
29
2%
Consumer Nondurables
28
2%
Energy Equipment & Services
79
6%
HMOs and Hospitals
11
1%
Homebuilding
84
6%
Insurance
80
6%
Integrated Oil
153
11%
Internet, Software Services
16
1%
Investment Bankers and Brokers
149
11%
Media
26
2%
Multiline Retail
61
4%
Pharmaceuticals
11
1%
Precious Metals
148
11%
Semis, Semi Equipment
12
1%
Telecom Equipment
13
1%
Tobacco and Alcohol
15
1%
Utilities
34
2%
Wireless Communications
14
1%
NULL
1
0%
Total
1366
100.00%
Source: RealMoney.com

Sector Total Votes Percentage
Aerospace and Defense
16
%
Airlines
36
3%
Automobiles
19
1%
Beverages and Food Products
112
8%
Biotechnology
49
4%
Commercial Banks
286
21%
Computers and Peripherals
40
3%
Consumer Nondurables
64
5%
Energy Equipment & Services
85
6%
HMOs and Hospitals
16
1%
Homebuilding
11
1%
Insurance
20
1%
Integrated Oil
50
4%
Internet, Software Services
24
2%
Investment Bankers and Brokers
100
7%
Media
8
1%
Multiline Retail
7
1%
Pharmaceuticals
89
6%
Precious Metals
150
11%
Semis, Semi Equipment
15
1%
Telecom Equipment
11
1%
Tobacco and Alcohol
72
5%
Utilities
82
6%
Wireless Communications
12
1%
NULL
1
0%
Total
1375
100%
Source: RealMoney.com

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