November saw the largest inflow into stocks in the index's history, surging the index to a new all time high.
Their statement was even more noteworthy;
“The retail investor has become a bit more of a believer, we don’t want people to get overzealous, if you will. This is controlled exuberance.”
Did you ever hear the term 'Dumb money'?
That is the term used in the industry for retail investors!
The reason they are referred to as dumb money is because the typical retail investor usually dives in at exactly the wrong time.
Now, dumb money just went 'all in' for stocks when the main index's are sitting at historically overvalued, overbought and over bullish extremes!
There is no such thing as controlled exuberance!
Be aware, stock market tops look like this!
Now down to business.