Market sentiment among institutional brokers subsided worldwide, reflecting stepped up profit-taking a week after the Dow hit 10,000. The TSI Worldwide Index five-day trailing average fell 5.57 points to a slightly bearish 48.03 on October 22, 2009.

UK sentiment fell 1.94, to a neutral 50.59, while North America fell 8.32 to a slightly bullish 51.01. Among the 10 sectors in which TIM groups trade ideas, eight were in bearish territory, two bullish.

Total new long ideas, as a percentage of all new stock trading ideas sent this past week to investment managers in real time through the Trade Idea Monitor (TIM), fell 5.81 points to a 65.41%. However, it remained well above the bearish 59.77% a year ago.

October to date, the percentage of long ideas was 67.81%. Year to date it was 60.72%.

The TIM index measuring sentiment dropped across the board .  but it still left brokers in a positive frame of mind. New long ideas continued to dominate existing trade ideas by a ratio of about 2-to-1.

There have been some revaluations alhtough trading recommendations suggest brokers remain opportunistic.

The TIM Weekly Report:  The data is based on stock trading ideas on over 13,000 equities and exchange traded funds (ETFs), sent in real time through the TIM by over 4,300 professionals at 350 institutional brokerage companies to their clients at approximately 150 investment managers around the world. 

More than 65% of TIM contributors outperformed their regional indexes in 2008.
US and North American long stock picks included Ingersoll-Rand, Terex and Freeport McMoRan Copper & Gold while short picks were Research in Motion, Wyeth and St Jude Medical.
In the UK long picks were Centamin Egypt, Balfour Beatty and Smith & Nephew with short picks of Xstrata, BHP Billiton and Wolseley.

Worldwide broker sentiment focused on Utilities and consumer staples for long positions while information technology, heath care and energy were the short position picks.