There is so much commentary coming from both the bulls and the bears that appears very compelling. The bulls would argue the Coronavirus statistics are peaking, while the bears would argue the numbers are wrong based on local reports. Frankly, we have no idea nor does the market, so we are staying with our neutral tactical view for now. Our favored market indicators are not as worrisome as when we lowered our tactical market view in January, but they did not get oversold enough in the correction two weeks ago to suggest a solid bottom. A case in point is the Investors Intelligence percentage of bullish newsletter writers. We were concerned when it hit 59% in early January, then It dropped to 47% on the Coronavirus swoon and has now bounced back to neutral. Everything is unclear, and when that is the case it is best not to data mine and force a direction.
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