- The Investor's Intelligence survey showed the lowest number of bears in decades.
- The American Association of Individual Investors showed the least amount of bears in years as well as extremely low cash allocations.
- Fund manager surveys showed widespread bullishness and low cash allocations.
- There was a level of call buying that had not been seen since the Internet bubble.
- Rydex traders were heavily invested.
The Fat Lady Is Not Singing
I don't believe that two down days have gotten rid of all the excess bullish sentiment in the market. To summarize: