Bullish Attitudes Highest Since November 2008
We calculate Bullish and Bearish Attitudes as the tension between the direction of the market and the posture of the players. A very Bullish attitude occurs when the number of days the market goes higher is high but the market goes down or sideways.
While we have looked at this indicator for the past 30 years, if we just look at it for just the past ten years we see that on April 2, 2015 the indicator matched the previous high on November 24 2008.
On the opposite side of the scale the high water mark on the Bearish attitude measure occurred on March 20, 2012, about six months before the FED freaked and did QE III.
So what are we saying, this measure tells you more about what the situation is, than what happens next, that is a function of who is on the right side of the equation. In this case the players are bullish, can they make another up leg happen?