Everybody's bullish

Both Smart Money and Dumb Money Confidence are above 59%, a rare moment when it both are high - usually, they move much more in contra way to each other. Since 1999, there has only been one other day when both measures were at 59% or higher at the same time while the S&P 500 was still trading below its 200-day moving average. That was November 5, 2001, as stocks rallied following the 9/11 tragedy. Stocks continued higher for another month or so, then fell into the rest of the bear market.