Mark Hulbert writes that market timers have turned very bullish as well. From Marketwatch:
This water being thrown on the stock market’s parade comes from contrarian analysis. The wall of worry that existed at the correction low in early October has given way to a significant amount of enthusiasm and excitement — which does not bode well for the rally’s sustainability.
...In fact, the HNNSI is now nearly as high as where it stood in May, soon after the bull market hit what so far has been its high-water mark.