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Long term chart shows healthy optimism not Pessimism

|Includes: SPDR S&P 500 Trust ETF (SPY)
 The Bullish Percent Index (NYSE:BPI) is a "bottoms up" market sentiment indicator that is calculated by dividing the number of stocks in a given group (an exchange, an industry, etc.) that are currently trading with Point and Figure buy signals, by the total number of stocks in that group.   In the BPI chart of S&P 500 stocks sourced from I have divided the chart into 4 quartiles.  As you can see we progressed from panic conditions in late 2008 to exuberence in 2009 and we are slowly descending into the "optimism" level. 

S&P 500 percent bullish index