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The bulls are officially on parade.  It’s all blue skies from here.  QE2 has saved the economy and the USA is set for another epic stock market rally that will involve no downside.  At least that’s the sentiment expressed by the most recent small investor survey.  Of course, these are the same investors whose sentiment was near an all-time low just 7 weeks ago with a bullish reading of 20.7% and an S&P 500 that was almost 15% lower. The latest AAII sentiment survey showed a 2.5 year high in bullish sentiment at 51.6%.  This is the highest reading since May 8th, 2008 and just shy of the all-time high in the S&P 500.  Of course, the ensuing few months were followed by a now legendary collapse in the markets.

The Investor’s Intelligence survey also rose on the week, however, the move was less pronounced than the small investor sentiment survey.  Bullish sentiment rose to 51.6% this week from 49.6% – a high reading, but not excessive:

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