The extreme in AAII and other Bull/Bear indicators has been on for a good two months, it may finally weigh on the markets. I am worried and that is why Thursday on hitting 2100 I put on my bear suit (a mini bear suit for now, #msg-2085673, #msg-2085873).
You will see that there were even wider spreads in 2003, and the Market is much higher now than it was then.
I think the sentiment spreads are another one of many indicators that work fine in a bear market, but not in a bull market.
Eventually, the market will turn, and then a lot of people will be saying that we should have heeded the spreads, but they'll tell us we should have heeded them just before the turn, not in June of 2003.
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