Smart, sophisticated investors don't usually put much money in mutual funds. Some buy on margin and borrow from their brokers. Investment advisors usually appeal to less sophisticated investors. Breadth of market shows which stocks are advancing and which are declining. Stocks above their 200-day moving average are popular with investors, but may be overpriced.

#18 Analysts following what the smart, sophisticated investor is doing would examine
Mutual fund cash positions.
Debit balances in brokerage houses.
Investment advisory opinions
Breadth of market.
Stocks above their 200 day moving average

Analysts following what the smart, sophisticated investor is doing would examine the breadth of the market, stocks above their 200-day moving average, and debit balances in brokerage houses. These factors can provide insights into the investment strategies and preferences of sophisticated investors. Additionally, analysts may also consider mutual fund cash positions and investment advisory opinions, although these may be more relevant for less sophisticated investors.

To answer this question, analysts following what the smart, sophisticated investor is doing would examine several factors. One of them is the breadth of the market, which shows which stocks are advancing and which are declining. This information can give insights into the overall market sentiment and the trends followed by sophisticated investors.

Additionally, analysts would also examine stocks above their 200-day moving average. This indicator can suggest which stocks are popular with investors, as stocks trading above their 200-day moving average are commonly seen as positive signs. However, it's important to note that stocks above their 200-day moving average may also be overpriced, so further analysis is necessary.

While checking mutual fund cash positions can provide useful insight, smart investors typically don't put much money in mutual funds. Therefore, it might not be the primary focus for analysts studying these investors. Similarly, debit balances in brokerage houses, which indicate borrowing by investors, can be relevant but are not necessarily the key factor to consider.

Lastly, investment advisory opinions can be valuable, but they mainly cater to less sophisticated investors. Smart, sophisticated investors often rely on their own research and analysis rather than solely depending on investment advisory opinions.

In conclusion, when analysts follow what smart, sophisticated investors are doing, they would pay attention to the breadth of market and stocks above their 200-day moving average, along with considering mutual fund cash positions, debit balances in brokerage houses, and investment advisory opinions to a lesser extent.