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3 Problems With Dow 16,000

The new Dow Jones high warrants some healthy skepticism

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Extreme Sentiment                                            

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“Dumb money” sentiment is also off the charts, while the “smart money” investors keep pulling back.

Look at this: The percentage of assets in Rydex funds that are in money market accounts has dropped below the lows seen as the last bull market was peaking in 2007.

Or this: NYSE margin balances have surged to levels not seen since the dot-com bubble was peaking in 2000. That’s unsustainable.

To sum it all up, just look at the chart above. The percentage of bears in the Investors Intelligence Survey has set a new record low — falling below any point since the late 1980s.

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