Oil Sentiment Back To Early 2009 Levels Of Despair

For the past two years the most hated assets on the planet have been gold and silver. With a modest sign of a pulse in precious metals over the past few weeks a new champion has emerged as the most despised asset in the world; oil.

The chart below from Sentiment Trader shows oil pessimism has now moved back to levels last seen following the Lehman crash when oil traded close to $30 a barrel.

Readers know I love to purchase assets when they are hated. If they become more hated, I love them more. Oil and oil related stocks have been on my shopping list for years, and I began purchasing again when the black gold hit $68 at the end of November. I plan on continuing to accumulate until it crosses back above $70 or until optimism returns. Hopefully that is years away.

h/t Short Side Of Long