In mid-2010, during the market’s bull run, Bordeaux First
Growths accounted for almost 70% of trade on Liv-ex. When the market peaked
this had fallen, but was still at a sizeable level of 55%.

The share of the First Growths' trade on Liv-ex seems to act as a
proxy for market sentiment. When buyers and sellers are feeling optimistic,
First Growths see an increased level of trade. Lately, the level has fallen to
around 35%. As the dotted line on the chart shows, this is close to the pre-bull
market level of 2004. While this is an indicator of the negative sentiment that
pervades the market, could it also be telling us that the bottom of this bear market is near?

First Growths trade v Liv-ex 100