I guess individual investors woke up and realized the market was going up. There was a big surge of 10 percentage points in the number of bulls. This isn't the most optimistic they have been in the last year, but it is pretty close. Was that just in time for the top?
Next up is the NAAIM survey.
The money managers took a little off the table this week. However, this survey is still in the upper end of its range. There is plenty of downside fuel should they be moved to sell more.
Here is the II survey.
The number of bulls has reached the highest level in the last two years. The number of bears continues to be extremely low. It was just above the 2 year low set a couple of months ago. This is pretty frothy and consistent with the onset of a correction.
You cannot make an argument that everybody is bearish. All the sentiment survey's presented here are consistent with short term tops in the market. After the key reversal day we had this week a correction seems pretty likely.
Bob
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