The future’s so bright, I gotta wear shades

Is the boat now full? Maybe not fully but getting close according to II. Their weekly reading of Bulls and Bears has now reached “scary levels” said II as Bulls rose to 57.3 from 51.6 and Bears fell to 15.7 from 23.10. Bulls are now at the highest since mid Dec ’10 and Bears are at the lowest since mid Dec ’09. The spread of 41.6 pts between the two compares with the spread of 42.4 at the all time market top in Oct ’07. Ahead of a well telegraphed and widely expected rate hike from the ECB tomorrow, the euro is rising to the highest level since Jan ’10 vs the US$. Helping to boost European stocks and the futures further this morning at 6am was German Feb Factory Orders which rose 2.4% m/o/m, above expectations of up .5%. It is though before the late Feb oil price spike and Japanese earthquake. Portugal sold 6 mo and 1 yr paper at yields above 5% and the only thing standing between them and a bailout is a newly elected government in June.

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