While the main indicators barely budged week over the week, components used to construct these indicators are starting to head towards extremes.
The "dumb money" indicator barely budged week over week; however, one of it's components, the Investor Intelligence data, is showing over three times as many bullish newsletter writers as bearish ones. As we can see in figure 2, such extremes in bullishness (over the past 5 years) are more consistent with lower prices than higher ones. The indicator in the lower panel looks at the ratio of bulls to bears; values greater than 3 are above the black horizontal line.
Figure 2. SP500/ Investors Intelligence/ weekly
"The first big week of insider activity for Q2'11 brought little in the way of surprises as selling ramped up in the wake of the initial big wave of earnings announcements. Sellers outnumbered buyers 6-to-1 and there was little in the way of notable buying." Although the current "entire market" value isn't extreme, I believe the devil is in the details on this as well. With stocks at multi year highs and after a prolong period of share appreciation, insiders have "ramped up" their selling.