I don't know when the NAAIM Exposure Index was finally updated, but it was well after the market was already closed. In any event, the mean average moved only a fraction of a point, which keeps sentiment bullish for these money managers. The bears were fully short and fully leveraged last week (last 2 weeks, actually) and this week they remain fully short, but with ZERO leverage. So they aren't overly committed to the downside right now. The bulls remain fully long and fully leveraged.
Since the reading is bullish overall, I would expect the market to remain buoyant and maybe tack on some gains over the next few days, but this market is a bit volatile right now and with precious metals continuing to hit new highs I suspect there may be some panicking going on at the top of the food chain as it feels like something may be starting to break. There is a lot going in the precious metals market right now, especially with silver. Be alert for changes in stock market behavior.
