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David Rosenberg notes that the last time the bull/bear spread was this wide the Dow dropped 9% the following month.
In the past week, bullish sentiment was 45.1%, down from 47.2% from the previous week, while bearish sentiment fell to 22% from 24.7%. The bull/bear spread is now at 23.1, representing the biggest gap since the week of May 4th.
He believes equity markets look highly overbought right now, noting that back in April there were at least 600 stocks on New York Stock Exchange making new highs versus 180 right now.
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