The sentiment signals are starting to stack up against the bulls .  Last week Mark Hulbert at MarketWatch reported that Advisory bullishness was “dangerously high”.  He reports that bullishness hasn’t been this high since before the 2007 market highs: “Based on the several hundred investment advisers I track, I’d have to say that bullish sentiment is approaching dangerously high levels. Consider the Hulbert Stock Newsletter Sentiment Index (HSNSI), which represents the average recommended stock market exposure among a subset of short term stock market timers tracked by the Hulbert Financial Digest