On April 21 we posted "Market Sentiment: Close to a Top" with the comment:
I don't use sentiment indicators much, maybe to justify a preconceived notion, but this bears watching.The DJIA closed that day at 11,124.92. Today the index closed at 10,866.83 and the latest report has the advisories even more bullish.
The last high was almost exactly at the point the market swooned in January....
The eternal question is: "Who is left to buy?"
From Bespoke Investment Group:
Market Declines As Advisors Go All In
How's this for timing? Just as stocks had their worst one-day decline in three months, bullish sentiment among newsletter writers reached its highest levels since December 2007. You wouldn't believe it if it wasn't true.