The fact that millionaires are stuck in a funk might seem like a bad sign for markets and especially for the luxury economy.

A new survey from Spectrem Group shows that millionaire investor sentiment is at a five-month low. It’s crashed from a high of 10 (very bullish) in March to just one in June, meaning the rich are basically neutral and headed toward bearish.

This follows a steady stream of indicators that are flashing red for the rich. Their spending is slowing. They’re not putting money into stocks. And their top concerns are the political environment, the national debt and other issues that aren’t likely to be solved anytime soon.

All of this would seem to be a bad omen for the economy. After all, the one percent owns about half of the individually held stocks in the U.S., and the top five percent of earners accounts for up to a third of consumer outlays. If they’re cranky, the United States is cranky.

But there is a possible bright side to the misery of millionaires – and I’m not talking schadenfreude. Maybe a bearish signal from millionaires could mark a market bottom.

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