Despite the constant clamor of money-on-the-sidelines (which Cliff Asness has summarily dismissed as being idiotic) [6] and strength in US equity markets being 'the most unloved rally of all time', the following two charts suggest people are anything but unimpressed by it. Citi's Panic/Euphoria sentiment model has hovered in the clearly "euphoric" levels for a month and now the AAII Bull/Bear split is back near exuberant highs. Of course, as we noted yesterday, the real strength behind stocks is the incessant non-economic irrational and indiscriminate mystery buyer - corporate buybacks [7] - that are creating their own mal-investment signaling exuberance in the always efficient stock 'markets'.
Bulls are back...
And investors are euphoric...
Seems like the perfect time to BTFATH... (or not if Citi's sentiment-based forward retur estimate is anything to go by)
Charts: @Not_Jim_Cramer and Citi


