The bulls and the bears don't have a strong opinion about this market. There are very few people that are extremely bullish or extremely bearish. If all you had to go by was sentiment, and you didn't know what the chart looked like, you would probably think we were lower than where we are now.
But looking at the chart, there has been so much ground covered over the past 7 months that it will be hard for longs to tack on more gains anytime soon. We may just digest these gains over the next few months with shallow pullbacks interspersed which will frustrate those looking for a correction. The lagging emerging markets and large number of dollar bears may be the best sign that the pessimists can point to.
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