According to the weekly survey from Investors Intelligence, bullish sentiment among newsletter writers is currently at its highest level since December 2007. While this seems to conflict with our earlier post on the Yale Crash Confidence Index, we would note that the discrepancy isn't as wide as it seems at first glance. As shown in the chart below, while the current level is the highest since 2007, the average bullish sentiment since 2000 has been 48.1%. Additionally, there have been multiple occasions where bullish sentiment went into the sixties. So this indicator still has a ways to go before we reach 'peak bullishness'.
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