Schaeffer’s Investment Research senior technical analyst Ryan Detrick writes about whether CNBC‘s poor ratings indicate higher stock prices.
“Here are the numbers floating around on the Internet regarding CNBC’s viewership.
“Now, could some people be finding their news online, and not watching television as much? Absolutely, that could be some of it. Is CNBC’s programming really that much worse? Of course not. In fact, in a lot of cases I think it’s more interesting than it used to be. (As a side note, I haven’t been on CNBC since March — so I’d like to think that has something to do with their declining ratings.)
“But seriously, the bigger picture is the stats above simply reinforce how disinterested the public is towards stocks, and for this very reason I expect prices to continue to move higher. Remember, markets peak at euphoria and bottom at despair. Well, we aren’t at despair anymore — but we sure aren’t anywhere near euphoria. When you see the Dow has up been nine of the past 10 months, yet we’ve had domestic equity mutual fund outflows nine of the past 10 months — that right there tells you all you need to know.”
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