Yardeni Turns Skeptical of Trusted Contrarian Stocks Buy Signal

The S&P 500 Index slid almost 5% from its last record in January as the war in Iran shows no signs of ending soon, keeping oil prices alarmingly high. While some Wall Street strategists are remaining cautiously optimistic, the Investors Intelligence survey of market analysts is flashing its most bearish reading since November. “From a contrarian perspective, seeing sentiment heading south just increases the likelihood that we’ll get a good buying opportunity at some point ahead,” Ed Yardeni, the veteran market analyst and president of Yardeni Research, said in an interview.