“The difference between bulls and bears hasn’t been this high in 30 years, according to Investors Intelligence. The last time investor sentiment was this far apart, stocks rallied – until they didn’t. The Dow Jones Industrial Average collapsed 22 percent on Oct. 19, 1987, the worst one-day selloff in history. Euphoria is a dangerous stage in the market cycle — when investors feel invulnerable and start to overpay for stocks. They become complacent with the expectation that they can sell their stocks to a ‘bigger sucker.’”
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