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Investors haven't been this bullish since 2007 Market Peak

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Being bearish is officially out of style. Sentiment readings have reached well beyond excessively bullish levels. The most recent Investor's Intelligence survey showed another sharp increase in bullishness at 56.2%.

This 7.6% surge in bullishness is the largest one week jump since April 2010.  At 56.2% this is also the highest reading since December 2007. The last time bullishness was even near these levels was April 28th, 2010 just days before the flash crash.

"Buy the dip" and "don't fight the Fed" have become universal rally cries in recent weeks. It now appears as though no one believes the market can sustain a decline. Unfortunately, the market generally frustrates the most people most of the time. If that saying rings true today the market is at a particularly risky juncture.

(Full story in the Pracmatic Capitalism)

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