Smart Money / Dumb Money Confidence Spread < -63%
A little over a year ago, we were seeing the kind of extremes that rarely occur, at least over the prior 20 years. We don’t quite have the exact opposite scenario now, but it’s close. There are more exceptions now than there were then, but in aggregate, we’re seeing some exceptional extremes, causing the Smart / Dumb Money Spread to widen to an extreme degree.
See this report for more detail.