Sentiment Indicating a Stock-Market Peak Seems a Ways Off

A year ago, markets were just a couple weeks removed from stocks' second-worst December on record. Uncertainty reigned. Investor sentiment was down in the dumps, with many fearing a bear market and recession loomed. We now know that wasn't the case and, after 2019's gangbusters returns, sentiment seems more sanguine. But the euphoria that frequently accompanies bull market peaks looks a ways off yet—suggesting to us stocks have further to climb.