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Investor Complacency is Too High

Guy Lerner is a student of investor sentiment.  He is saying at his blog, The Technical Take, that his two composite indicators have readings that he associates with investor complacency when compared to recent market action.  His "Dumb Money Indicator" is strongly bullish and the "Smart Money Indicator" is neutral to very slightly bearish.  Under these conditions, Guy says, "This is not a high reward, low risk investing environment."

Disclosure: No stocks mentioned.