Market Keeps Rising But Who Is Buying?

NetNet March 16, 2012

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Runs this joint.

Jeff Cox

A senior writer for CNBC.com, covering the gamut of issues affecting the stock market and the economy.

Stephanie Landsman

Squawk Boxer Rebel.

Lori Spechler

A Senior Editor at CNBC, commodity trader in a former life.

Lori Ann LaRocco

A Senior Talent Producer at CNBC.

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setDefault('cnbc_textbody');Market Keeps Rising, but Who's Doing All the Buying?Published: Thursday, 15 Mar 2012 | 2:14 PM ET Text Size By: Jeff CoxCNBC.com Senior Writer #divButtons .gig-button-container-facebook-like {margin-right:-2px;} #divButtons .gig-button-container-twitter {margin-right:15px;} #divButtons .gig-button-container-google-plusone {margin-right:-16px;} #divButtons .gig-button-container-linkedin {margin-right:17px;} var params ={ userAction:ua, shareButtons: [{provider:'facebook-like',action:'recommend'},{provider:'twitter'},{provider:'google-plusone'},{provider:'linkedin'},{provider:'share',enableCount:false}], containerID: 'divButtons'} if (navigator.userAgent.indexOf("MSIE 6") cnbc_init_droparrows('menu_arrow_','img',cur_navSect); cnbc_getCommentsCount(cnbc_commentCountStr) ; Current DateTime: 03:29:28 15 Mar 2012LinksList Documentid: 29778429CNBC NEWSU.S. NewsAsia-Pacific NewsEurope NewsEconomyEnergyGreenTechnologyBlogsWiresSlideshowsSpecial ReportsCorrections Current DateTime: 12:55:11 15 Mar 2012LinksList Documentid: 29778428MARKETSPre-MarketsWorld MarketsStocksDow 30CommoditiesCurrenciesBondsFunds Current DateTime: 01:30:12 15 Mar 2012LinksList Documentid: 29779196EARNINGSNewsCalendarSurprisesHighlightsIdeas Current DateTime: 11:05:50 15 Mar 2012LinksList Documentid: 29779197INVESTINGStock BlogPersonal FinancePortfolio (Beta)WatchlistStock ScreenerFund ScreenerEarnings Screener Current DateTime: 01:30:12 15 Mar 2012LinksList Documentid: 29779200VIDEOLatest VideoTop VideoU.S. VideoAsia-Pacific VideoEurope VideoCEO InterviewsAnalyst InterviewsCNBC ProCurrent DateTime: 03:30:45 15 Mar 2012LinksList Documentid: 29779199CNBC TVCNBC U.S.CNBC Asia-PacificCNBC EuropeCNBC WorldCNBC HD+Channel FinderCurrent DateTime: 12:40:28 15 Mar 2012LinksList Documentid: 29779198MORESmall BusinessCNBC 360CNBC Mobile WebsiteRSSReal-Time Quotes and Extended HoursLatest Press ReleasesAbout CNBC | Site Map | Video Reprints | Advertise | Help | ContactPrivacy Policy | div.FOOTMC_BI {padding: 5px 10px 5px 10px; text-align:left; line-height:25px;} a#_bapw-link span {margin: 0 0 0 5px !important;} | Terms of Service | Independent Programming Report Data is a real-time snapshot *Data is delayed at least 15 minutesGlobal Business and Financial News, Stock Quotes, and Market Data and Analysis© 2012 CNBC LLC. All Rights Reserved. var scodePath = cnbc_tickerDataPath + "/js/s_code.js"; s_linkInternalFilters="javascript:,cnbc.com"; var s_account="nbcuglobal, nbcucnbcd, nbcucnbcbu"; var s_prop8 ="cnbc"; var s_prop9 ="cnbc.com"; var s_prop10=cnbc_sectionName; var s_prop31=cnbc_topSection; var s_prop32=cnbc_subSection; var s_prop33=cnbc_subSubSection; var s_prop34=cnbc_microSection; var s_prop35=cnbc_nanoSection; var s_prop36=cnbc_docid; var s_prop37=cnbc_doctype; var s_prop38=cnbc_doclayout; var s_prop39=cnbc_docsource; document.write(''); try { cnbc_init_services(); cnbc_highlightSubText(cnbc_docid,"sub_active"); } catch(e){} cnbcSwitchOnRemember("cnbcStreamQuoteMasterToggleRememberSwitch"); setTimeout("cnbc_comboQuoteMoveRun()",10); if (cnbc_DARTFlag=="new") { cnbc_DARTAdCall(1,1,"CNBNE0"); } else { dapMgr.enableACB("news1x1",false); dapMgr.renderAd("news1x1","&PG=CNBNE0&AP=&PN=CNBC",1,1); }

The best of the lot has been energy, which has seen the percentage of "buy" ratings shrink from 64.8 percent to 61.6 percent. But more defensive names have gotten slammed. Utilities, in particular, have seen the number drop to just 31.9 percent from 36.6 percent, according to research from Bespoke Investment Group.

Looking for someone who does like the market?

Interestingly enough, while billions have been flowing out of stock funds and analysts are rushing to warn of trouble ahead, individual investors still at least think the market is going higher, even if their actions don't always seem to match their sentiment.

The most recent Investors Intelligence survey, which measures sentiment among newsletter editors, has bulls outnumbering bears by a 43 percent to 26 percent margin. The American Association of Individual Investors survey, meanwhile, has a 45-to-27 spread, marking the 11th week in a row of a double-digit lead for the bulls, the longest such streak since 2005.

And therein may be the bull case for stocks.

"It wouldn't be so surprising to see this kind of negativity from the analyst community if the market was falling, but stocks have gotten off to one of their best starts to a year in decades," Bespoke notes in an analysis. "Only time will tell if the analysts are right, but fortunately history has shown them to be contrarian as a group."

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Looking for someone who does like the market?

And therein may be the bull case for stocks.

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Market Keeps Rising But Who Is Buying?

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