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There may be too many bulls in the stock market, suggesting that a correction is increasingly likely. Investors Intelligence Bull/Bear Ratio climbed to 2.9 this week, after slipping from an 8½-month high of 3.0 to 2.7 last week. The reading was at 0.8 at the end of August, which was the lowest since March 24, 2009. |
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On the other hand, our Fundamental Stock Market Indicator (FSMI), which is a very good coincident indicator of the S&P 500, was at a cyclical high last week. |
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