Contrarian investors are confident that a major stock-market top is on the horizon — they just don’t know when. That’s because investor optimism can stay dangerously elevated for months before the bull market breathes its last.
So while there are plenty of signs these days of irrational exuberance in the stock market, contrarians don’t know if the top will occur in the next several weeks, in 2026 — or if it already happened in October, when the S&P 500
Goodbye, bull market: This spot-on indicator is saying what you don’t want to hear
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Contrarian investors are confident that a major stock-market top is on the horizon — they just don’t know when. That’s because investor optimism can stay dangerously elevated for months before the bull market breathes its last.
So while there are plenty of signs these days of irrational exuberance in the stock market, contrarians don’t know if the top will occur in the next several weeks, in 2026 — or if it already happened in October, when the S&P 500
SPX hit an all-time closing high at 6,890.89.
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