As we kickoff the second month of trading in global markets in 2018, “the wall of worry has collapsed.”
Euphoria In Stocks
By Peter Boockvar, author of the Boock Report
January 31 (King World News) – Here is what Peter Boockvar wrote as the world awaits the next round of monetary madness: Following the trend of extreme, euphoric bullishness on stocks, Investors Intelligence said Bulls rose 1.3 pts w/o/w to 66, just below the 32 year high of 66.7 seen two weeks ago. Bears fell to 12.6, a fresh 32 year low, down from 12.8 last week and vs 12.7 in the week prior. The spread of 53.4 is just below that 32 year high of 54 two weeks ago…
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Boockvar continues: “Reflecting also the euphoric state was the read in yesterday’s Conference Board Consumer Confidence data which showed the amount of respondents who think the stock market will be higher this year reached a record high dating back to June 1987 when the question first started being asked. See chart below.
Public Super-Bullish On Stocks!
Boockvar concluded with this warning: “Bottom line, the proverbial wall of worry has collapsed.”
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