It isn't just the extreme level of the BoA Bull & Bear Indicator. though that is one piece of the puzzle. This indicator turned prematurely bullish by falling below 2 in March, but readings have declined to the extraordinarily low level of 0.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEigaApihmnvBT7liOkVM3OGqmcBvsFYzkJUOU2TRjRtm1ssQlZKmCh4RDgtH98om_JM1dGUxhODdxLrMYUXepS4F9Gy8vLPog-L-4UvoisXme5LDkqKLJ833bqC7wdOyHdC0A31X_6bWwFxlhDkJnefcayzGyz7pAKZH-8eMMKdOFoWg6lIIJbuP_25nw/w400-h341/Bull-bear%20indicator.png)
The full post can be found here.