"Looks Like I Picked the Wrong Week to Turn Bullish"

Anyone who has seen the movie Airplane remembers when Lloyd Bridges' character Steve McCroskey says, "Looks like I picked the wrong week to quit smoking."  Later he adds drinking, amphetamines, and sniffing glue to the list of other vices he wishes he hadn't quit.  After a week like this, many investment advisors are probably adding turning bullish to the list of things they wish they hadn't done.  As shown below, according to the Investors Intelligence weekly poll, bullish sentiment among investment advisors this week rose to its highest level since mid-May (41.7%).  This in a week where the S&P 500 is already down 2.9% through Wednesday and staring at a decline of over 1% in the pre-market futures.  Is it Friday yet?

 

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