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Bulls Come Out of Hiding

As shown below, bullish sentiment spiked significantly in our Bespoke Market Poll this weekend.  When asked whether the S&P 500 would be higher or lower one month from now, 68% responded "Higher" while 32% responded "Lower."  

This is the most bullish reading we've seen in our poll since we began running it on a weekly basis back in early 2012.  Interestingly, the prior high we'd seen in bullish sentiment came during this very same week last year.  In the November 18th, 2012 weekly survey, bullish sentiment came in at 66%.  While bullish sentiment decreased from that point through the end of 2012, the market continued higher through year end, so it wasn't a contrarian signal at least that time around.  That being said, it's hard to look at the current reading with the market at all-time highs and not think that investors may be getting a little ahead of themselves here.