Investors are extremely bullish:
Bank of America's Bull & Bear Indicator is up +0.6 points over the last few trading days, to 8.5, re-entering extreme bull territory.
The index measures hedge fund and fund manager positioning, equity and bond flows, and market breadth.
Readings above 8.0 signal extremely positive market sentiment.
The gauge is now at its 2nd-highest level since December 2020.
The indicator has risen +142% since April, driven by strong equity flows, improving market breadth, and aggressive positioning by fund managers in equities.
By comparison, the record high stood at 9.6 in February 2018.
Appetite for stocks is incredibly strong.
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