Wall Street says no on the surface, but the body is very honest—this kind of 'doubt' is actually the most loved signal by bulls.

ME News, June 2 (UTC+8): The U.S. stock market may continue to set new records, but the Wall Street analysts tasked with tracking these markets are not rushing to keep pace with the rally. Researchers are lowering their ratings for companies that make up the S&P 500 index. Jefferies data shows that, within the broader Russell 3000 index, the proportion of constituents rated “Buy” is nearly unchanged from four years ago, and is far below the peak levels seen during the internet bubble era. Whatever the exact reasons are behind this new wave of skepticism, it is viewed as a positive development. From a contrarian perspective, this indicates that market sentiment has not yet reached the extreme exuberance typically associated with a top. Andrew Greenbean, Senior Vice President of Equity Research Product Management at Jefferies, said: “I usually consider market sentiment from the perspective of whether there are more new buyers or sellers.”目