Changing dynamics: Bears merely less bullish in today's stock market

When someone identifies as a bear, normally it means they’re selling. In this market, where anyone who dares do that gets crushed, it just means you’re a little less bullish than everyone else.

That’s according to a survey by the National Association of Active Investment Managers, which found that in the current distribution of sentiment, a bear is someone who is 75 per cent invested in stocks.

“You hold your nose and you buy,” David Kudla, chief investment strategist at Mainstay Capital Management, said in an interview on Bloomberg Television. “Stocks have been divorced from fundamentals.”

Bears are bulls and shorts are long.