Stock Market Indicators: Bull/Bear Ratios

Stock Market Indicators: Bull/Bear Ratios

Yardeni Research, Inc.

January 11, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Debbie Johnson

480-664-1333 djohnson@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

Bulls & Bears Bull/Bear Ratio Over 3.0 Bull/Bear Ratio Under 1.0 Bull/Bear Ratio Under 1.0 & Over 3.0 AAII Sentiment Bull & Bears

1 2 3 4 5 6-12

January 11, 2023 / Stock Market Indicators: Bull/Bear Ratios

Yardeni Research, Inc.



Bulls & Bears

Figure 1.

6

6

INVESTORS INTELLIGENCE BULLS & BEARS

5

Ratio

Ratio

5

Bull/Bear

Dec 27

NA

4

Ratio*

Jan 3

1.08

Jan 10

1.26

4

3

3

2

2

1/10

1

1

0

0

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

80

80

75

Percentage

Bulls Bears

75

70

Bulls

Dec 27

NA

NA

Jan 3

36.6

33.8

70

65

Bears

Jan 10

41.4

32.9

65

60

60

55

55

50

50

45

45

40

1/10

40

35

35

30

30

25

25

20

20

15

15

10

10

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

50

50

45

Percentage

Correction

45

Correction

Dec 27

NA

40

Jan 3

29.6

40

Jan 10

25.7

35

35

30

30

25

1/10

25

20

20

15

15

10

10



5

5

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Blue shaded areas are correction declines of 10% to less than 20%. Yellow areas are bull markets. Source: Investors Intelligence.

Page 1 / January 11, 2023 / Stock Market Indicators: Bull/Bear Ratios

Yardeni Research, Inc.



Bull/Bear Ratio Over 3.0

Figure 2.

5200

4700 4200

3700

S&P 500 INDEX vs. BULL/BEAR RATIO OF 3.0 OR MORE* (ratio scale)

3200

2700

2200

1700

1200

700

5200

4700

1/10

4200 3700

3200

2700

2200

1700

1200



700

200

200

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Red shaded areas indicate Bull/Bear Ratio equal to or greater than 3.0. Source: Standard & Poor's and Investors Intelligence.

41600 36600 31600 26600

21600

Figure 3.

DOW JONES INDEX vs. BULL/BEAR RATIO OF 3.0 OR MORE* (ratio scale)

16600

11600

41600 36600 1/10 31600 26600 21600

16600

11600

6600

6600



1600

1600

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Red shaded areas indicates Bull/Bear Ratio equal to or greater than 3.0. Source: Wall Street Journal and Investors Intelligence.

Page 2 / January 11, 2023 / Stock Market Indicators: Bull/Bear Ratios

Yardeni Research, Inc.



Bull/Bear Ratio Under 1.0

Figure 4.

5200

4700 4200

3700

S&P 500 INDEX vs BULL/BEAR RATIO OF 1.0 OR LESS*

3200

(daily, ratio scale)

2700

2200

1700

1200

700

5200

4700

1/10

4200 3700

3200

2700

2200

1700

1200



700

200

200

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

* Green shaded areas indicate Bull/Bear Ratio equal to or less than 1.0. Source: Standard & Poor's and Investors Intelligence.

41600 36600 31600 26600

21600

Figure 5.

DOW JONES INDEX vs. BULL/BEAR RATIO OF 1.0 OR LESS* (ratio scale)

16600

11600

41600 36600 1/10 31600 26600 21600

16600

11600

6600

6600



1600

1600

87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

* Green shaded areas indicates Bull/Bear Ratio equal to or less than 1.0. Source: Wall Street Journal and Investors Intelligence.

Page 3 / January 11, 2023 / Stock Market Indicators: Bull/Bear Ratios

Yardeni Research, Inc.



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