ISE Sentiment Index (ISEE) Sets New 52 Week High

Wow - today's ISE Sentiment Index (ISEE) number handily beat the previous, April 2010, high to set a new 52 week high in call buying enthusiasm!

Last night, we found out that the spread between bulls and bears in the AAII sentiment survey of rubes retail investors has hit the highest level since February 2007, which was right before a sudden correction.

The S&P 500 keeps bumping up against "resistance" in the low 1200s, a level it has hit several times this year but failed to exceed. [And which it first crossed in 1998!]

If you were a smart, long-only investor, wouldn't it be a great idea to go to cash right now and protect whatever year you've had so far? What if a bunch of people get that idea over the weekend?