Bad Signal: Sentiment Has Reached Extreme Levels

The market has been range-bound for the past few weeks, but should be close to declaring its intentions.  We've reached an important inflection point, and as most readers know, I expect that we're very close to beginning a significant decline.  While I'm not closed to more bullish options, I'm inclined to stick with February's projection for an important top forming in the 1700+ price zone, and the market has shown me nothing to make me any more bullish that that -- quite the contrary.  So the main question in my mind is how close we'll come to February's target of 1750 +/- before the anticipated decline begins.  As we'll discuss shortly, the possibility exists that decline may in fact have already begun
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