Longs at this point are likely picking up pennies in front of a steam-roller.

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The signs are screaming, but most people won’t listen. Bullish sentiment is collapsing even as the S&P 500 climbs, and history shows that kind of divergence precedes catastrophic market corrections.

History says every time these two go in opposite directions, the market eventually crashes. But hey, keep celebrating those record highs while the fundamentals quietly crumble.