Note by Willie Delwiche, CMT, CFA on Substack: "This week’s II survey shows the most bulls and fewest bears since Jan 2022. Before rushing to fade the crowd, remember that all the net gains in the S&P 500 since 2015 have come with the II bull-bear spread above 18%. It takes bulls to have a bull market."

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This week’s II survey shows the most bulls and fewest bears since Jan 2022.

Before rushing to fade the crowd, remember that all the net gains in the S&P 500 since 2015 have come with the II bull-bear spread above 18%.

It takes bulls to have a bull market.

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