I am a day late getting the investor sentiment charts out this week. Regardless and as expected, the "dumb money" shows lots of bulls while company insiders continue to sell at a very strong clip. Investors don't seem too concerned - it is the end of the year and the Fed has back stopped the market. My take, which is NOT the consensus opinion, is that complacency is prevalent, and this in and of itself represents a significant headwind.
"There was no Thanksgiving hangover for insiders as corporate executives, directors and 10% owners started off the last month of 2010 with a heavy dose of sales. The number of sellers increased 38% week-over-week and came in just shy of the four-year set during the week ended November 9, 2010, Meanwhile, the number of Weekly Net Sell Clusters was its highest since June 2007 and its third-highest on record (dating to January 1, 2004). Selling was widespread, led by insiders at Russell 2000 companies - where the number of sellers was the second-highest on record...."