Bullishness is getting extreme:
Individual investors (AAII poll)—most bullish in six years
Newsletter advisors (I.I. poll 20-week average)—most bullish in seven years
Futures traders (trade-futures.com poll)—most bullish in four years
Mutual fund managers (% cash)—most bullish ever
Hedge fund managers (BoAML survey)—most bullish ever
Economists (news-org polls)—unanimously bullish
Top global strategists (three national year-ahead panels)—unanimously bullish
Even most ‘bears’ on the economy are bullish on stocks because of inflation!”
While bullishness is good, extreme bullishness suggests the formation of a bubble. Prechter insists we’re in the rally phase of a secular bear market, and the next step is a major crash.
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