The stock market is Too High

Measures of investor sentiment are irrational―the bear share in the latest Investor Intelligence poll is down to 19.1% from 20.5% last week. The bull camp is all the way up to 57.3% from 54.5%. Back on Labor Day, the Investor Intelligence survey flashed 29.4% bulls and 37.7% bears. Now, with 20/20 hindsight, we know what represents a nice buying opportunity and what doesn’t.