A survey from the New York Fed shows high optimism about stocks among consumers. But that optimism isn't so evenly distributed. Ironically, the time to worry is when those with high incomes, high education, and high numeracy become the most optimistic compared to those without those qualities, and so far they're holding back.; Over the past couple of weeks, options traders have shifted their focus from protective puts to speculative calls. While the indicators aren't yet showing excessive optimism, it's clear that most of the fear has worn off and sentiment is, at worst, apathetic, and it happened fast. During a bear market, that's enough to be a concern.

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