Melt-up to Meltdown:
"Professional investors have provided much of the enthusiasm for the market. The Investors Intelligence survey, which gauges sentiment from investing newsletter authors, has found bulls outnumbering bears at around the same level as just before Black Monday in October 1987, when the Dow lost 22 percent in a single day."
The crash ratio hit a new extreme today:
And as we see, deja vu of the Senate vote two weeks ago, the Nasdaq 100 had some intra-day indigestion ahead of next week's final vote.
Smart money, dumb money, really what's the difference?
