The Business of Empathy: How Pharmacists Can Improve Performance By Improving The Human Connection

Covid-19 highlighted the value pharmacists provide in disease management and prevention, but it hasn’t been an easy road. Patients relied on their pharmacies for more services and support than before; however, the increased demand has stretched the capacity of many pharmacies. When patients don’t receive the support they need, medication adherence suffers, which directly impacts pharmacy performance. It’s a difficult cycle to break during a critical time for pharmacy business.

Pharmacies can build on the positive momentum gained during the pandemic to improve patient engagement and, relatedly, medication adherence. A familiar face close to home can help ease patients’ anxiety as they cope with a new diagnosis. Empathic support can also make a positive impact on medication adherence—a key metric for patients’ health and for pharmacy business success. But pharmacies will need an empathetic helping hand to provide this support.

Medication adherence is one of the key indicators of pharmacy performance. Unfortunately, pharmacies have a high barrier to overcome because about half of patients do not take their medications as prescribed. This lack of adherence leads to about $500 billion in avoidable healthcare costs and contributes to up to 25% of hospitalizations each year.

Nonadherence is infrequently caused by simple forgetfulness. Patients stop or never start taking a medication for many reasons, including:

  • They can’t afford it.
  • They don’t understand the directions.
  • They don’t see the need for the medication.
  • They’re afraid of the side effects.
  • They are worried, scared, anxious, confused.

Regardless of the cause, the outcome is the same: potentially compromised patient health and lost pharmacy revenue.

Who owns the problem of adherence?

Everyone owns the problem of adherence. Understanding that adherence is a complex problem, all healthcare providers must come together to solve the problem. Tackling adherence requires a fundamental understanding of the human factors behind the problem and the solution.

Pharmacist-provided care requires empathy and genuine human connection. Practicing empathy leads to innumerable benefits for patients, including better medication adherence, fewer hospital admissions, and lower stress—the latter of which ties to numerous health improvements.

Improving patient engagement is key to improving medication adherence, and thus improving pharmacy performance and profitability. Engagement beings with prescribers who start the dialogue around the benefits and risks of a prescribed medication, the possible side effects, and the cost.

Pharmacists must continue that conversation to help ensure that patients fill prescriptions and take medications as prescribed. Given staffing shortages, it’s not an easy ask. A lower-cost, empathic support program would help fill the gap.

Another important reason to focus on patient engagement: it ties to payment for pharmacy services. The Pharmacy Quality Alliance advocates for pharmacist-provided care as part of healthcare’s shift to value-based payment models. Operating models based on financially sustainable, pharmacist-provided care lead to improved medication adherence, PQA reports.

To improve business performance, pharmacies must also focus on patient satisfaction—an important factor in retaining existing customers and acquiring new ones. Pharmacies can improve both engagement and satisfaction with a subtle shift in philosophy, from patient-centric to empathetic care.

What is empathy in pharmacy? 

Empathy is the ability or capacity to understand or feel the patient’s situation, perspectives, and feelings. In other words, it’s the capacity to put yourself in someone else’s shoes. It’s a human connection that instills confidence and builds trust between two individuals.

Empathic care improves patient satisfaction. Here’s an example: a pharmacy customer is fuming because her prescription is delayed. The pharmacy tech understands the customer isn’t angry at her. She’s scared because she doesn’t know what will happen if she misses a dose of her medication. Rather than shut down emotionally and finish the transaction as quickly as possible, the pharmacy tech explains the reason for the delay. She relays the patient’s concerns to the pharmacist, who provides a missed medication protocol. The pharmacy tech also puts the prescription on an auto-refill plan to prevent future delays.

By practicing empathic care, pharmacies achieve better rapport with their patients, engender trust, and establish loyal customers. Loyalty manifests in a number of ways – from glowing reviews, to customer retention, new customer acquisition, higher quality ratings, and increased payment for services – all of which help booth the pharmacy’s business.

How to provide a more human experience through technology

While most pharmacies strive to provide attentive, empathic customer service, they’re also stretched thin. A recent National Pharmacy Technician Association survey found almost all (91.4%) pharmacy techs experienced burnout caused by unmanageable workloads. Another survey found most (80%) pharmacies have trouble finding pharmacists.

Technology that’s easy to implement and nonintrusive to workflow can lighten some of the load for busy pharmacies. Low-code process automation software can take on mundane repetitive tasks, including measuring medication, filling orders, inventory management, and notifying patients that their prescriptions are ready for pickup. Automating these tasks frees up staff to focus on higher-value activities, such as genuine patient communication.

Some pharmacists are using digital tools to provide supportive services to Medicare providers. Pharmacists can conduct virtual consultations to discuss new prescriptions, provide medication therapy and chronic care management, and other services “incident to” healthcare providers.

Research, however, shows that patients want to be seen, heard, and met where they are emotionally. Not “messaged” or “app’d” repeatedly, but actually heard. The very notion of health has evolved in the last few years, with a vernacular shift from “patient” to “person” as one example.

Technology can support a more meaningful human connection. Based on the data, would a patient need a follow-up call the day after she picks up her prescription? Would they appreciate a check-in call if they haven’t picked up a prescription after a few days? This type of simple check-in may open the door to deeper conversations about cost, administration, or side effects.  It may also provide the space for a patient to express their worries, concerns, or confusions about their treatment. Or it may simply trigger a patient’s memory.

Studies have shown that empathic, positive communication is associated with improved patient satisfaction and quality of life compared to usual care. An Accenture survey of nearly 1,800 patients found that the most important factor in creating a positive experience was a provider “who explains the patient’s condition and treatment clearly,” (55%) followed closely by “a provider who listens, understands patient’s needs, and provides emotional support” (52%).

Pharmacies can be instrumental in instilling positive behavior changes in the patients they serve.  Behavior is the result of our motivation, ability, and prompt.  When pharmacies engage on a human level with patient support programs, patients become more fully engaged in their treatment, leading to potentially significant health benefits. The human-to-human connection relieves patients from isolation,  gives them confidence in their recommended treatment, and ensures that humans remain first in the digital/AI age.

Empathy is Good Business

Developing meaningful relationships with patients creates an emotional bond that helps patients make lasting change—including taking their medications as prescribed. Empathy activates and moves patients from emotion to action. When that action includes more prescriptions filled and refills as directed by physicians, that’s good empathy-derived business.

Michael Oleksiw

By: Michael Oleksiw

Michael is a leader in technology development and product data on a global scale for over 20 years solving specific business and societal problems through innovation.

Source: The business of empathy: How pharmacists can improve performance by improving the human connection – MedCity News

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GDP Again Flashes Recession Warning Sign: Economy Shrank 0.6% Last Quarter As Experts Warn ‘Worse To Come’

The U.S. economy shrank for a second quarter in a row this year, a second estimate from the Bureau of Economic Analysis confirmed Thursday—once again signaling the start of a technical recession even as economists predict signs of a slowdown will only grow in the coming quarters, likely prompting the government to officially declare the economy has entered a recession.

The U.S. economy shrank at an annual rate of 0.6% in the second quarter despite average expectations originally calling for a 0.3% increase—marking the second consecutive quarter of negative gross domestic product growth and thereby signaling the economy has entered a technical recession, the Bureau of Economic Analysis reported in a second estimate released Thursday.

The figure was worse than the 0.5% decline economists were expecting, but ticked up from the 0.9% decline estimated last month.The government blamed the worse-than-expected figure on declines in residential investments (or home buying), federal government spending and business inventories, but said an uptick in exports and spending helped economic activity improve from last quarter’s decline of 1.6%.

According to one working definition, a recession comprises two consecutive quarters of negative GDP growth, says Wells Fargo senior economist Tim Quinlan—but it’s not the official one: Instead, the definitive call is up to the National Bureau of Economic Research, which defines a recession as “a significant decline in economic activity” lasting “more than a few months.”

Quinlan points out four of the six factors the NBER relies on to declare a recession—production, income, employment and spending—continued to signal expansion through May, but he notes production appears to be “losing steam” and income gains are struggling to keep up with inflation, all while unemployment claims rise and consumers start spending less.

Like other economists, Quinlan isn’t convinced economic indicators last quarter were indicative of a current recession, but he warns the economy is slowing and “it is starting to feel like [entering one] is only a matter of time.”

“We do not think the economy is in recession at present, but if our forecast is correct, this is not so much of a head fake as it is a harbinger of worse to come,” says Quinlan, who argues the negative GDP growth in the first half of the year isn’t likely a function of weak underlying demand but instead due to “one-off” volatile factors such as net exports and inventories. “We expect the loud wailing of an actual recession to begin early next year,” he adds.

The government will update its estimate, based on more complete data, for a third and final time in September.

Though economist projections continued to call for a return to growth in the second quarter, the Federal Reserve Bank of Atlanta’s GDPNow model in July began signaling the start of a technical recession, pushing its GDP forecast into negative territory after economic data showed consumer spending dropped in May. “The model’s long-run track record is excellent,” say DataTrek analysts Nicholas Colas and Jessica Rabe, pointing out its average error has been just 0.3 points since the Atlanta Fed started running it in 2011.

Ahead of the GDP print, the model projected the economy shrank 1.2% last quarter. It now projects the economy will grow 1.4% in the third quarter. The Fed’s withdrawal of pandemic stimulus measures and interest rate hikes this year have fueled concerns of impending recession. In July, Bank of America economists warned clients that prolonged inflation and the resulting interest rate hikes have unleashed a “worrying deterioration” in the economy, and particularly in the once-booming housing market.

“The Fed has become more committed to using its tools to help restore price stability, with a willingness to accept at least some pain in the process,” they said, predicting the economy will fall into recession over the next year.

I’m a senior reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill

Source: GDP Again Flashes Recession Warning Sign: Economy Shrank 0.6% Last Quarter As Experts Warn ‘Worse To Come’

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How Bybit Empowered Crypto Believers To Achieve Their Dreams & Revolutionized The Traditional Finance

Bybit, established in 2018, is an innovative, fast-growing cryptocurrency derivatives exchange. The company was founded by a team of professionals having expertise in investment banking and the forex industry. Bybit has its headquarters in Singapore and is registered in the British Virgin Islands. It envisions a global economy and provides a seemingly fast, secured, and transparent trading system.

It has embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology. With more than 1.6 million Bybit users globally, and retail or professional clients, Bybit remains customer-focused and endeavors to provide the best user experience.

Bybit exchange, a crypto derivatives exchange, provides a fair trading environment to trade futures with good leverage in BTC/USD, ETH/USD, XRP/USD, EOS/USD, and BTC/USDT perpetual contracts. According to our Bybit review, this cryptocurrency exchange operates and provides a safe, secured, fair, transparent, and efficient futures trading platform.

Features of Bybit

While there are many similarities between the exchanges, some distinctive features that Bybit has included could make them attractive.

  • Bybit exchange offers trade derivatives products, including Bitcoin and other cryptos, with three contract options:-
    • Inverse Perpetual
    • USDT Perpetual
    • Inverse Futures
  • It gives full access to a wide range of trading features, including cross and isolated margin trading. Bybit offers 100X leverage trading, which is not adjustable if utilized in the cross-margin option.
  • Bybit permits limit order, conditional order or conditional limit order, stop-loss order, and advanced orders such as Good till Cancelled, Immediate or Cancel (IOC order), Fill or Kill. Advanced Order Forms are easy to use and great for quick access.
  • It provides a host of data analysis tools to access data such as price moving averages, moving average indicators, and monthly price range. It also includes funding data, specific index prices, rolling volatility chart, BTC daily realized volatility, market analysis, and the latest news.
  • It provides a great trading experience with an intuitive user interface for the crypto community.

Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts. It helps to maximize profit opportunities. Bybit has plans to incorporate quarterly futures contracts and subaccounts when it integrates with the MetaTrader 4 foreign exchange platform.

The Dual Price Mechanism protects traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirement at prevailing market price.

Bybit’s Mark to Market Price

‘Funding’ provides a healthy spread between the spot and the derivative cryptocurrency exchange price. It helps to match spot price and derivative exchange price, once in eight hours, by making the last asset traded price on the crypto platform ‘mark price to market price.’

100X Leveraged Trading

Bybit allows 100x leverage on perpetual futures products. Thus, most traders can increase their leverage to match the maintenance margin requirement. It equips experienced traders in entering sizable positions.

The Contract Loss Mechanism

A leveraged long or short position in a highly volatile market might be liquidated if the price goes lower than the bankruptcy price. Bybit Insurance Fund helps liquidated traders to cover the deficits caused due to losses.

Socialized Loss system Vs Auto-Deleveraging system (ADL)

ADL can protect traders from abnormal losses by potential deleveraging of the highest profitable and leveraged positions in that order. Its unrealized profit ratio and leverage determine the ADL ranking for each position.

Bybit Payments or Deposits into their account can be made through Visa, Mastercard, Electronic Fund Transfer or Wire Transfer, and Bill Payment options. Bybit operates in collaboration with Banxa, Xanpool, MoonPay, and Mercury to support payments through fiat currency. Mobile App users can click on the ‘Assets’ tab on the bottom right-hand corner and click on ‘Deposit.’

Bybit Fees

Makers and Takers: Users can be classified as either ‘Makers’ or ‘Takers’. Market Makers provide liquidity and market depth, whereas market Makers squeeze the liquidity from the order book. Makers orders are not filled immediately, whereas Takers orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth.

Bybit offers a maker fee (rebate) of 0.025% instead of charging fees to Makers, unlike a fee of 0.075% charged for Takers. The net cost accrued by the Bybit platform is 0.05%. One can withdraw funds by entering the wallet address and clicking the withdrawal button three times a day with a withdrawal fee. Bybit withdrawal limits are 10BTC. It also has limits on daily withdrawals, which is 0.0005 BTC, and Bybit Funding Fee or Funding Rate is 0.02%/ -0.02%.

Services Provided by Bybit Exchange

Currently, Bybit offers trading strategies or options in Inverse Perpetual Contract, USDT Perpetual, and Inverse Contract in Bitcoin, EOS, Ethereum, and Ripple XRP. It offers up to 100x leverage on Bitcoin’s perpetual swap future contract. Deposits are accepted in all the currencies that they trade, i.e., BTC ETH EOS, XRP.

Bybit Promotions

Rewards Hub

For new signups, $50 coupon for first-time deposit within 48 hours and $10 after 48 hours, $5 bonus on a BTC deposit, and $5 coupon on following Bybit on social media channels or networks. It is a user-friendly exchange that also conducts trading competitions offering colossal prize money to the winners.

Bybit bonus can either be used as an initial margin or initial maintenance margin to cover losses or offset the trading fee. Bonus as such cannot be withdrawn. However, the profits derived from trading with bonuses can be withdrawn. As soon as the referee becomes qualified, the bonus is deposited immediately in the trader’s Derivatives Account, which refers to the new user.

Bybit Trading Bot

Trading bots are automated software that trades as per the pre-set conditions by experienced traders. Some trading bots that enable a trader to auto trade in Bybit are TradingView, 3Commas, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, Haasonline Hydor, Mudrex, Profit Trading, ProfitTrailer, Profitview, Sirius Trader, Stacked, TokenBot, Tycoon, Wunderbit, and WBCCLUB.

Bybit Testnet

Bybit testnet enables a potential trader to better understand the key features, options, advantages, and pros and cons without making a deposit. It’s a virtual account provided solely to practice crypto trading with fake money. A new user could explore for informational purposes and have a hands-on experience without actually exposing oneself to the risk of losing money.

Bybit Mobile App

The mobile app is fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google play store. Like desktop, one can buy cryptocurrencies like Bitcoin, Ethereum, and other coins through the app, either using a credit card, debit card, or a bank transfer. Though it’s a bit challenging to study TradingView charts and monitor numerous markets on the app, it’s a good tool for monitoring open positions. The crypto account is fully secured through a multi-signature cold storage wallet solution. One can choose to trade various trading pairs like BTC/USD, ETH/USD, XRP/USD, EOS/USD, BTC/USDT, and other perpetual trade contracts. It processes 100,000 transactions per second which ensure the fulfillment of every trade order.

Bybit Security Parameters

Bybit spends 20% of its annual budget on ensuring the platform’s security against the industry average of 15%. Unlike most other exchanges that use ‘hot wallets,’ it has adopted ‘cold wallets,’ which have inbuilt robust security management, features, and measures. All deposit addresses are cold wallet addresses. Offline signatures carry on underlying Asset transfers and withdrawals. Withdrawal requests are subject to three levels of verifications and manual reviews per day to manage risk, and traders can withdraw once every eight hours.

Bybit has a stringent policy regarding crypto-asset consolidation, including system security, physical environment security, operation authentication, encryption techniques, monitoring, and audit. It protects user data and personal information, which is in line with its privacy policy. Each employee of the platform is thoroughly trained, scrutinized, and assessed for internal security control.

The exchange always insists the user have two-factor authentication. The user has to scan the QR code, and a six-digit 2FA code is generated randomly inside the Google Authenticator App. Users should write down the Recovery Key Phrase and store your RKP securely inside a cloud server with full SSL encryption.

Bybit Customer Support

Bybit has a 24/7 customer support team on a global scale to answer the phone or live chat function to resolve any queries or issues. The language options here are English, Chinese (Cantonese and Mandarin), Japanese, Korean, Russian, Spanish, and Vietnamese.

Source: https://www.bybit.com

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Why Inflation Looks Likely To Stay Above The Pre-Pandemic Norm

The bad news on inflation just keeps coming. At more than 9% year on year across the rich world, it has not been this high since the 1980s—and there have never been so many “inflation surprises”, where the data have come in higher than economists’ forecasts (see chart). This, in turn, is taking a heavy toll on the economy and financial markets.

Central banks are raising interest rates and ending bond-buying schemes, crushing equities. Consumer confidence in many places is now even lower than it was in the early days of the covid-19 pandemic. “Real-time” economic indicators of everything from housing activity to manufacturing output suggest that economic growth is slowing sharply.

What consumer prices do next is therefore one of the most important questions for the global economy. Many forecasters expect that annual inflation will soon ebb, in part because of last year’s sharp increases in commodity prices falling out of the year-on-year comparison. In its latest economic projections the Federal Reserve, for instance, expects annual inflation in America (as measured by the personal-consumption-expenditure index) to fall from 5.2% at the end of this year to 2.6% by the end of 2023.

You might be forgiven for not taking these prognostications too seriously. After all, most economists failed to see the inflationary surge coming, and then wrongly predicted it would quickly fade. In a paper published in May, Jeremy Rudd of the Fed made a provocative point: “Our understanding of how the economy works—as well as our ability to predict the effects of shocks and policy actions—is in my view no better today than it was in the 1960s.” The future path of inflation is, to a great extent, shrouded in uncertainty.

Some indicators point to more price pressure to come in the near term. Alternative Macro Signals, a consultancy, runs millions of news articles through a model to construct a “news inflation pressure index”. The results, which are more timely than the official inflation figures, measure not just how frequently price pressures are mentioned, but also whether the news flow suggests that pressures are building up. In both America and the euro area the index is still miles above 50, indicating that pressures are continuing to build.

Inflation worry-warts can point to three other indicators suggesting that the rich world is unlikely to return to the pre-pandemic norm of low, stable price growth any time soon: rising wage growth, and increases in the inflation expectations of both consumers and companies. If sustained, these could together contribute to what the Bank for International Settlements, the central bank for central banks, describes in a report published on June 26th as a “tipping point”. Beyond it, warns the bis, “an inflationary psychology” could spread and become “entrenched”.

Evidence is mounting that workers are starting to bargain for higher wages. This could create another round of price increases as firms pass on these extra costs. A survey by the Bank of Spain suggests that half of collective-bargaining deals signed for 2023 contain “indexation clauses”, meaning that salaries are automatically tied to inflation, up from a fifth before the pandemic.

In Germany ig Metall, a trade union, has asked for a 7-8% pay rise for nearly 4m workers in the metals and engineering sector (it will probably get about half that). In Britain rail workers went on strike as they sought a 7% pay rise, though it is unclear whether they will succeed. All this will make wage growth hotter still. Already, a tracker for the g10 group of countries compiled by Goldman Sachs, a bank, is rising almost vertically (see chart). A measure of pay pressure from Alternative Macro Signals is similarly animated. And wage floors are rising, too.

The Netherlands is bringing forward a rise in the minimum wage; earlier this month Germany passed a bill increasing its minimum by one-fifth. On June 15th Australia’s industrial-relations agency raised the wage floor by 5.2%, more than double last year’s increase. Faster wage growth in part reflects public’s higher expectations for future inflation—the second reason to worry that inflation might prove sticky. In America expectations for average price increases in the near term are rising fast.

The average Canadian says they are braced for inflation of 7% over the next year, the highest of any rich country. Even in Japan, the land where prices only rarely change, beliefs are shifting. A year ago a survey by the central bank found that just 8% of people believed that prices would go up “significantly” over the next year (consumer prices, indeed, rose by only 2.5% in the year to April). Now, however, 20% of Japanese people reckon that will happen.

The third factor relates to companies’ expectations. Retailers’ inflation expectations are at an all-time high in a third of eu countries. A survey by the Bank of England suggests that clothing prices for Britain’s autumn and winter collections will be 7-10% higher than a year ago. The Dallas Fed does find tentative evidence that customers are less willing to tolerate price increases than before; a respondent in the rental and leasing business complained that “it is getting tougher to pass on the 20-30% price increases we have received from manufacturers.” But that merely points to a lower level of high inflation.

The big hope for lower inflation relates to the price of goods. Fast increases in the prices of cars, fridges and the like, linked in part to supply-chain snarls, drove the initial inflationary surge last year. Now there is some evidence of a reversal. The cost of shipping something from Shanghai to Los Angeles has fallen by a quarter since early March. In recent months many retailers spent big on inventories in order to ensure their shelves stayed full. Many are now cutting prices to shift stock.

In America car production is finally picking up, which could unwind some of the outrageous price increases for used vehicles seen last year. Falling goods prices could, in theory, help douse the inflationary flames in the rich world, easing the cost-of-living crisis, giving central banks breathing room and buoying financial markets. But, with enough indicators of future prices pointing the other way, the odds of that happening have lengthened. Don’t be surprised if inflation roars for a while yet.

Source: Why inflation looks likely to stay above the pre-pandemic norm | The Economist

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Technicals Point To More Stock Market Carnage Ahead

The S&P 500 index cratered 3.6% Thursday, erasing Wednesday afternoon’s gains following this week’s Federal Reserve meeting and needing a last-minute bump to close ahead of last Friday’s lowest point since May 2021.

When Federal Reserve chair Jerome Powell took the possibility of raising interest rates by 75 basis points at once off the table, investors celebrated by pushing the S&P 500 3% higher on Wednesday. But the reality of the ongoing rate-tightening cycle to address 40-year highs in inflation sunk in a day later to take off the sugar high.

Rising interest rates have contributed to a disastrous start to the year for stocks. The S&P 500 is down 13.5% from its January 3 peak, and the tech-heavy Nasdaq Composite is down 22% after a 5% crash Thursday, fully in Bear Market territory.

For investors eagerly looking for an entry point, most strategists caution that there are still some storm clouds ahead. Powell said inflation is “much too high” at Wednesday’s meeting while announcing an interest rate hike of 50 basis points and said similar increases would be considered at its next couple of meetings.

“The one thing you learn in a bear market is that forecasting the bottom is like catching a falling pitchfork. It’s a spectacular feat if you pull it off, but it’s painful and dangerous to try,” says Jim Stack, founder and president of InvesTech Research, of Whitefish, Montana. “One of the dangers in anticipating a bottom lies an understanding that the showdown between Fed policy and inflation is just beginning.”

Sam Stovall, chief investment strategist at CFRA, called Thursday a “capitulation day” and said two technical indicators–the head and shoulders pattern and Fibonacci retracement–each suggest the S&P 500 could fall to 3,800 before it hits a bottom. That would be another 8.4% down from its current level at 4,147 and 20.8% down from its peak, broaching bear market levels.

Other experts agree that investors shouldn’t necessarily expect an imminent and sustained rebound.“We’re not expecting a runaway market to the upside where we’d have a strong bottoming process and then we rebound from there,” says Yung-Yu Ma, chief investment strategist at BMO Capital Markets.

“Even when some of these things turn the corner and the market stabilizes, it’s still a market that takes a step forward and a step back and just tries to grind its way throughout the rest of the year.”

One contrarian indicator leaning bullish is the American Association of Individual Investor’s weekly Investor Sentiment Survey, which surveys its members about the direction of stocks over the next six months. The most recent survey released May 5 reported 52.9% bearish respondents versus 26.9% bullish.

The historical average for bearish sentiment is 30.5%, and according to the AAII, “Unusually high bearish sentiment readings historically have also been followed by above-average and above-median six-month returns in the S&P 500.”

Stocks are likely to remain volatile as the Fed continues to combat inflation, and the S&P 500 has already lost at least 1% on 26 trading days so far this year, more than the number of such days in all of 2021. The five biggest daily declines since 2020 have all taken place in the last two months.

Amazon, Netflix and Tesla were some of the day’s notable underperformers, each losing more than 7% while Tesla founder Elon Musk’s net worth plunged more than $18 billion. Netflix is among four S&P 500 companies that has lost more than half of their value this year, along with Paypal, Etsy and Invisalign maker Align Technologies.

“We are grossly oversold, and will continue to bounce along the bottom,” Louis Navellier, chairman and founder of wealth management firm Navellier, said. “While bad stocks bounce like rocks, good stocks bounce like fresh tennis balls.”

I’m a reporter on Forbes’ money team covering the wealthiest people and most influential firms on Wall Street. I’ve reported on the world’s billionaires for Forbes’ wealth team

Source: Technicals Point To More Stock Market Carnage Ahead

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