Do you know what the number one currency in the world is? Is it the US dollar, or the euro, or even the Chinese yuan?It's none of those. The number one currency for global economies and financial markets is confidence.We learned that lesson in a big way during the post-Lehman financial crisis when large banks like JPMorgan JPM, Goldman Sachs GS and Bank of America BAC, were near collapse and foreshadowing a major economic depression.It took massive liquidity and backstopping measures by central banks to shore up the commercial and investment banks and restore stability and liquidity, as prerequisites for confidence.The global economy seems a long way away from another crisis, but I find that keeping tabs on quantitative confidence trends is still always a good practice.In the video that accompanies this article, I look at those trends from three different groups of economic and market participants.Each will shed light on a different time frame of concern: the near-term of a few weeks, the medium term of 1-3 months, and the longer term of 3-12 months.Institutional Investors: Medium-Term Macro AngstI begin with the money that moves stocks. Fund managers of all stripes -- mutual, pension, insurance, hedge, endowment, bank, etc. -- are negative right now because they see all kinds of macro worries, such as these 5 sleep-deprivers...Global growth slowdownEarnings deceleration for US corporatesProbable growth peak for US economyRising interest rates/less central bank supportTrade tariff battles and their ripple effectsThese worries are forcing an exodus from high-growth, high-valuation market leaders like Amazon AMZN and even from Technology value plays like Apple AAPL.In the video, I show 3 key measures of large investor confidence, or lack thereof. And I share my estimation of when and what it will take to turn this important group net positive again on stocks, to ensure new highs above S&P 3,000 next year.Newsletter Intelligence: Short-Term Swings of Optimism and PessimismMy favorite investor sentiment view is the Investors Intelligence survey. It's done weekly and has 3 decades of data going back to 1987.And it's a classic "contrarian" indicator as the newsletter writers tend to get too bullish when stock prices are high and too bearish when they correct.In the video, I go over the 3 views of this survey data that point me toward a conclusion of weaker stock prices this month to wash-out the current complacency. The primary metrics show a big drop in bullishness (optimism) in the past six weeks, but I think bearishness (pessimism) needs to rise further as the market tests the October correction lows.This will provide a stronger contrarian buy signal, as is historically typical at significant market bottoms.Accordingly, I tightened up risk and raised cash this week for a trip below S&P 2700 which we are seeing unfold as I type.Backbone Confidence: Long-Term Economic Health Felt By Consumers and Small Business But I'm not long-term bearish on stocks. That's because of the still-strong economic backbone, US consumers and small business confidence and optimism.In the video, I have two key charts to show you in this realm that speak of steady growth in the latter innings of what could be the longest economic expansion ever -- especially as interest rates still have plenty of room to run higher without causing a recession.In conclusion, we have three groups of economic players who tell us every month -- sometimes every week -- where their money, and emotions, are going.We not only need to listen and pay attention. We also need to sort out what time frames matter for each group so that we know how to use their bias for our own goals.Then we can be on the profitable side of short-term and long-term opportunities.Kevin Cook is a Senior Stock Strategist for Zacks Investment Research where he runs the TAZR Trader service.3 Medical Stocks to Buy NowThe greatest discovery in this century of biology is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating revenue, and cures for a variety of deadly diseases are in the pipeline.So are big potential profits for early investors. Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it.See them today for free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report JPMorgan Chase & Co. (JPM): Free Stock Analysis Report Bank of America Corporation (BAC): Free Stock Analysis Report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report The Goldman Sachs Group, Inc. (GS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research