| ROSENBERG: The new cover of Barron's is a 'source of concern' | |
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(Barron's) This week's Barron's cover.
The latest magazine cover indicator is out.
Bullish Barron's covers have been used in the past, unscientifically, as a contrarian indicator that stocks were about to be toast.
So for anyone scouring for any evidence that stocks are going downhill from here, this is one place to look.
Gluskin Sheff's David Rosenberg, who called himself a "reformed bull" in a client note Tuesday, characterized this as a "source of concern":
This was not something I expected to see this weekend — the Barron’s front cover (is that bull really smiling?) and the story being the Wall Street strategist survey. Not one of the 10 strategists featured in the survey see the market lower at year-end. All 10 see Treasury yields higher, even if modestly.
Talk about groupthink.
Rosenberg also highlighted other signs that stocks could be in for more pain. They include the American Association of Individual Investors' survey, which showed only 32% of respondents were bullish, and mounting outflows from equity-based mutual funds.
The last really bullish Barron's cover came in the 2015 outlook issue last December, in which none of the top 10 Wall Street strategists surveyed was bearish on stocks.
Year-to-date, the S&P 500 is down about 5%, following the big sell-off in August.
So maybe the cover is worth more than a grain of salt as a market indicator.
Except that it isn't.
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Dajin Resources Corp.
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CODE : DJI.V |
ISIN : CA2340671064 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Dajin Res. is based in Canada. Dajin Res. holds various exploration projects in Canada. Its main exploration properties are ADDIE 1, ADDIE 2 and COWTRAIL in Canada. Dajin Res. is listed in Canada. Its market capitalisation is CA$ 103.0 millions as of today (US$ 82.4 millions, € 73.9 millions). Its stock quote reached its lowest recent point on May 15, 2020 at CA$ 0.02, and its highest recent level on December 03, 2021 at CA$ 1.13. Dajin Res. has 137 360 000 shares outstanding. |