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Just when you thought investors couldn’t possibly get more bullish they surprise to the upside.  This morning’s Investor’s Intelligence survey showed a fresh high bullish reading of 58.8%.  This is the highest reading since the second week of October 2007 – just one week shy of the all-time market high of 1565 on the S&P 500.

With bears at just 20.6% the bull/bear differential is 38.2%.  As previously mentioned, this is a very rare differential and over the last 10 years has been consistent with market inflection points.  This market has literally defied gravity in recent weeks as sell-offs have become practically non-existent so it’s important to remember that the market can stay irrational longer than you can stay solvent.

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