more reasons for concern

Here is an image of the Chicago Tribune's front page today. It is really about the stock market, not the economy. The graph to the right shows the Dow industrials for the past 7 years.

This article also observes that stock market mutual fund inflows for US base funds were the highest ever in January 2013. This after actually being negative for a good part of 2011 and 2012.

Another interesting fact is that the weekly survey National Association of Active Investment Managers (NAAIM) shows a commitment to the stock market of over 100%, the first time this number has been over 100% since January 2007 (at which point the 2002-2007 bull market still had 9 months to go).

I think these observations adds to a growing body of evidence that this 47 month old bull market is getting close to its end. But I don't think this end is here just yet.Typically the maximum bullish sentiment occurs a few months before the highs in the market averages.