Stock Market Sentiment Most Bullish Since Start of Last Year's Bear Market

The Bull/Bear Ratio (BBR) climbed for the fourth week to 2.11 this week—the highest reading since the January 4 week last year, just when the previous bull market ended (chart). Early last October, when the bull market bottomed, the BBR was well below 1.00 at readings similar to those at the bottom of the bear market during the Great Financial Crisis. In late October, we concluded that sentiment was so bearish it had to be bullish. Let's have a closer look at the latest BBR:

(1) Bullish sentiment increased for the fourth week, jumping to 50.7% this week, the most since November 2021 when it peaked at 57.2%. Bulls outnumbered bears for the 22nd consecutive week.