If you?re a stock-market bear looking for fellow bears in a world of bulls, look no further than Twitter.
Yes, the social-networking site is full of colorful characters with a range of outlooks on the markets. But Twitter itself may serve as a useful gauge of bearish sentiment, according to Greg Harmon, founder of Dragonfly Capital. In a blog post Friday, he unveils a new contrary indicator: Nouriel Roubini?s Twitter frequency.
Roubini, a New York University economist whose doom-and-gloom forecasts often earn him the description of ?permabear,? doesn?t often change the tune of his negative sentiment. But the amount of Twitter messages he sends does fluctuate.
On Thursday, as the markets took a dive, Roubini took to his Twitter account, sending 12 messages in total (excluding retweets of others? messages). They include such exclamations as:
Could this be an indicator of what?s to come for stocks? Harmon says it may, though he also backs up his viewpoints with a slew of technical analyses. He concludes:
?Now, just because this contra indicator has worked well in the past does not mean it will work well forever. But I have my hunch.?
If you?re looking for fellow bulls to commiserate with on Twitter, however, stay far away from Roubini?s Twitter feed.
? Ben Eisen
Follow Ben on Twitter?@beneisen
Follow The Tell?@thetellblog
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