Looking Back at the "Panic" of March 2011 and the Current Speculative Extreme Update

A quick and short post while I've got five minutes in Barcelona...

As you can see below, the call buying never really ended what people believe to be a panic in March is really nothing but confirming a complete one-sided view that the dip was a buying opportunity, as I mentioned in several posts. Moreover, the Put/Call Ratio never even reached the historical average.

 

The Bullish Percent Index also shows that the dip didn't create any real bearishness as it remained at a very elevated level during the whole time, and is still very high compared to the past many years. 

Finally, looking at the Investor Intelligence survey (great charts published by Tiho), one can get the very scary picture of an extreme bullishness, of historical levels, while markets have still not reached their highs of February: