Analysts and investors have grown extremely bullish following record highs for stocks, but optimism at the peak of the market is often a bad sign.
Wall Street analysts and retail investors have grown extremely bullish as the market sets new highs.
Technicians like Stephen Suttmeier at Bank of America Merrill Lynch have been positively giddy recently, noting a bullish rotation into cyclicals, but also to value from growth, high beta from low volatility, cyclicals from defensives and small caps from large caps.1) Barclays says that small caps are at an inflection point and poised to outperform: "Headwinds have subsided," they declare.
Even the average retail investor is getting bulled up. The American Association of Individual Investors weekly sentiment survey showed 40.7% of respondents are bullish, the highest levels since May, while only 23.8% are bearish, also near the lowest levels since May.
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