Investor Sentiment Check

Yesterday, despite the strong rally, investors remained skeptical and did not embrace the rally. The CBOE put/call finished yesterday at 1.03, an above-average level. The ISE Index closed at a low 117. Normally, you would expect to see this index near 200 when the market is hitting new highs.

Today, there is slightly more optimism, but nothing shocking. The VIX is up a nickel, the TRIN is at average levels, and the CBOE put/call is at 0.80. The ISE is running at 127, still well down from the 200 level seen during prior strong rallies. Moreover, the 10-day ISE hit a new low last week.

So where are all the bulls that I am hearing about?