
“Beware The S&P Air Pocket”
Regular readers may recall Citi's News Implied Sentiment Indicator (NISI) which "aims to capture investor sentiment via data on the number of Bloomberg news stories containing the keyword 'Bullish' and the keyword 'Bearish.'"
I know, I know. These "bullish" news-based sentiment indicators tend to have a discernible bullsh*tt-ed-ness feel to them, but as it turns out, NISI has a pretty "simple" relationship with the S&P.
An updated look at Citi's indicator versus stocks seems to show a gla