Optimism and Market Peaks

It's time for the good times
Forget about the bad times, oh yeah
--Madonna

Article suggests that the surge in optimism associated with signing of tax cut legislation could mark a stock market peak. It is certainly plausible. Measures of optimism haven't been this high since the dot.com era:

Cash levels in brokerage accounts are near all time lows:

Bears are too scared to be short. Indeed, the prospect of being short almost seems absurd.

All of this is bearish on the margin.

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