Here is the % bulls from the Investors Intelligence survey from 1998 to the present. Dips below 40% have been great buying opportunities; returns have been subnormal when we've exceeded 60%. We briefly hit that 60% mark at the beginning of the year, but look at how bullishness has tailed off even as large caps have been making new highs. Once again, it's a sign of more worry than complacency in this market.
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