The Bull/Bear Ratio
is a weekly vote by investment professionals, published by Investor's
Intelligence magazine. The Bull/Bear Ratio shows what percentage
of professionals are bullish versus what percentage are bearish,
and as such is basically a distilled 'market sentiment' indicator.
Generally, extreme optimism usually coincides with the very top
of the market, while market bottoms are marked by extreme pessimism.
Statistically, if the ratio is above 60% the outlook is bearish,
while a ratio below 40% means the bulls are about to re-appear.
Divide bullish votes by (bullish + bearish votes). Neutrals are
discarded. As a add-on to your day trading system, we would remind
you that telling the future is impossible, and even though the voters
on the ratio are 'professional', that doesn't seem to mean much