Investor Sentiment Check

While the selling in the market has been relatively contained, it has not been able to work its way back into positive territory. Oil and gold are both lower, while yields are up a bit to 4.81%.

Investor sentiment is running high today. Here is a quick rundown:

• The ARMS Index is above-average at 1.14
• The VIX/VXN are up again today
• The CBOE put/call is high at 1.08
• The ISEE is high, at the equivalent of 0.85

The blogger sentiment poll on Ticker Sense show more bulls than bears for the first time since October 2006. That's a lot of late to the party bulls if you ask me. Combined with the current overbought condition, that leads me to believe that this market could have some more work to do before its ready to run again. I am looking for places to put cash to work, but may try to sit on my hands a bit longer.