During the last five trading days, volume in put options has lagged volume in call options by 40.54% as investors make bullish bets in their portfolios. This is among the lowest levels of put buying seen during the last two years, indicating extreme greed on the part of investors.

The number of stocks hitting 52-week highs exceeds the number hitting lows and is at the upper end of its range, indicating extreme greed.

The McClellan Volume Summation Index measures advancing and declining volume on the NYSE. During the last month, approximately 5.20% more of each days volume has traded in advancing issues than in declining issues, pushing this indicator towards the upper end of its range for the last two years.

The S&P 500 is 6.96% above its 125-day average. This is further above the average than has been typical during the last two years and indicates greed on the part of investors.

Last changed Apr 12 from anExtreme Greedrating

Stocks have outperformed bonds by 1.92 percentage points during the last 20 trading days. This is close to the strongest performance for stocks relative to bonds in the past two years and indicates investors are rotating into stocks from the relative safety of bonds.

Last changed Apr 17 from anExtreme Greedrating

The CBOE Volatility Index (VIX) is at 12.09. This is a neutral reading and indicates that market risks appear low.

Investors in low quality junk bonds are accepting 1.73 percentage points in additional yield over safer investment grade corporate bonds. This spread is elevated compared to recent history and suggests that investors are becoming more risk averse.