Where Are We In The Market Emotions Cycle?

This is one of several market psychology charts that periodically make there way around trading desks. I think it’s important to check in on these every now and then, just to get an idea from a sentiment perspective, of where we might be in the stock market cycle. This is clearly a very subjective exercise, but valuable nonetheless.

There’s no right or wrong answer, but think about it. Where are we today?