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Majority of investors expect correction: Survey

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Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters

For the first time this year, the latest figures from the popular sentiment report by Investors Intelligence show that the majority of financial writers expect a correction in the U.S. market.

"The broad market has gone virtually nowhere for the past four months and now as the worst two months of the year (August and September) are upon us, market and economic readings are worrisome," wrote Jeffrey A. Hirsch and Christopher Mistal from the Stock Trader's Almanac newsletter.

Other writers like Barry S. Arnold from The Primary Trend said, "The narrowest of the advance this year, and especially in the last three months, is disturbing and could signal a more sever downdraft on Wall Street if the divergences continue."

That pessimism was noted across the board with 41.2 percent of financial pundits warning a correction is in the cards. That's now bigger than the bull reading, which fell to 40.2 percent from 42.2 percent a week ago. The outright bears accounted for 18.6 percent, according to the Investors Intelligence report.

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