FOMO Meter. Our measure of equity sentiment fell to 1.17 by the end ofJuly. It had been as high as 1.48 mid-month, but sentiment fell with thesell-off in the Mag 7. The expectation of Fed cuts, plus the hope this willprevent a large rise in unemployment, is sustaining the current level ofbullish sentiment (i.e., a FOMO Meter above 1.0).
