Kass: Topping Out

As mentioned in Tuesday's column, China is but one of my near-term concerns; there are numerous others that suggest to me that the U.S. stock market is vulnerable.

For instance, I remarked that investor complacency, as measured by the VIX, was worrisome. Toward that end, Investors Intelligence this morning reports that bulls are starting to stampede, as bullish sentiment rose from 43.6 to 47.3 (the highest level in almost five months) while bears dropped from 26.6 to 24.7 (the lowest level since May 2012).

So on the issue of a 2012 market top, call me maybe.