Many market observers have been screaming "look out for the bear," equity prices have risen too far too fast, "this strongly bullish move is not to be believed," yadda, yadda, yadda. Many of these folks have been bearish ever since the election, dumbfounded by the performance of the equity markets and the economy as a whole. It is important to recognize that at a point in time, one can make a convincing bullish or bearish argument based on certain fundamentals or economic data points that seem most important at the time. This is why we believe traders must look beyond the fundamentals and consider technical / trend analysis and sentiment. Investor sentiment is often the most difficult variable to assess, as there are few published indicators that tell you what investors as a group are thinking and feeling. But there are a few.
