Is 'Smart Money' Becoming 'Dumb Money'?

The Merrill Lynch Fund Managers Survey shows growing confidence and risk-taking. A quick glance revealed a number of interesting charts and insights.  For example, the chart below shows what has happened, historically, when liquidity conditions hit the levels they are at now.

Retail investors love the good days, but traders suspect that the end is near when it gets like this.  Click here to see more from the Survey.

Keep in mind, Price is the primary indicator.  You've got to trade the
conditions as they are … not assuming that they are better or worse
than they really are.