This partly reflects the markets' performance last week, when they weathered the negative economic news with a late rally on Friday. For the week ending June 11, the DJIA and S&P 500 each were up about 3%.
Helped by some good outlook news from National Semiconductor on Friday, technology stocks closed out the week on a high note, enabling a gain of 1% in the Nasdaq for the week.
Basic materials and oil & gas led the way with gains of 6% and 5%, respectively. Technology brought up the rear with a gain of nearly 1%.
Sell-side sentiment remains at 59.2, just under the highest levels of recent weeks, according to First Coverage.
The post-crash high of 60 first occurred four weeks ago, and sentiment has remained at or near that level since then. The 60 level is the highest since mid-year 2008.
Back in 2008, sell-side sentiment fell from a peak of 57 in May to a low of 43 in October, anticipating the market crash that fall.
Since bottoming at 43, sell-side sentiment gradually rose. However, it has stalled at the 58-60 range in the past six weeks.
The biggest economic news for the week of June 14-18 is the June 16 morning reports on May housing starts and permits. Other big economic reports this week are the May Producer Price Index on June 16 and the May Consumer Price Index on June 17. Both are likely to be benign with little market impact expected, according to First Coverage.
Derived each week from an aggregated analysis of thousands of trade ideas and data sent in real-time (on the First Coverage platform) from more than 300 sell-side firms to portfolio and asset managers on the buy-side, the First Coverage Weekly Street Sentiment aims to provide market-watchers with a snapshot of trading trends and the Street's perspective of the days ahead.