The Bank of America Bull & Bear Indicator rose to 9.4 on February 7, 2026. That is the highest reading since February 2018 and signals extreme bullish investor sentiment.
As posted by Kobeissi Letter, Investors have rarely been this bullish this century. Five of six components showed bullish readings; bond flows were neutral and cash held by fund managers fell to 3.2% (Ed. note: that cash level is unusually low).
On February 2, 2026, Kobeissi Letter reported the S&P 500 Herfindahl‑Hirschman Index at 195 points. That HHI reading is near record highs, more than double its post‑2020 level and above the 2000 peak of 125 points.
