When it comes to investor enthusiasm for this market, there is only one thing I can say: even the extremes have become extreme. This is an high wire act -without a safety net - that I have chosen not to play. The rare exception to too many bulls is that "it takes bulls to make a bull market", and under such conditions, the markets just continue higher despite the wildly bullish sentiment readings. Think 1995, 1998/99, 2003 and 2009 when the extreme bullish sentiment readings didn't see the market correct but just continue higher. Even if this is the scenario that is developing, investor sentiment is at a level of bullishness -extremus maximus - where a pullback in price is usually seen.
The year ended with a whimper as insider transaction volume slowed significantly due to the holidays and the closure of trading windows. Sellers, nonetheless, outnumbered buyers for the eighteenth straight week and 43rd week of the year's 52. Activity will remain light for the next few weeks as companies prepare to report Q4'10 results."