Wednesday, June 16, 2004

In what should serve as a minor note of caution, the Inv Intelligence survey came out with 55.7% bulls (up from 49.5% last week) and 17.5% bears (down from 20.2% last week).  This is the largest contingent of bullish opinion since the February/March highs.  While we know that this data gave multiple false signals last year, if we are indeed carving out a wide trading range, this data should be taken as a negative, and another suggestion that we are nearer the top of the range. 7:39:47 AM