Is equity market sentiment too bubbly? ...Middle East

One of the most-underrated indicators in the world is the AAII Sentiment Survey, which has been running since 1987 and measures sentiment of American investors. It was a screaming contrarian buy in October 2022 in what turned out to be a sensational rally for tech shares.Now it's starting to look bubbly. The level of pessimism at 19.3% is just below the late-November reading but it's at its lowest level in almost six years. Meanwhile, bullishness is at a five-month high. Note that five months ago, the S&P 500 peaked in July before falling significantly into late October.I wouldn't want to be outright bearish here on a contrarian trade but I think there is a great setup for rotation away from

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