The Fear and Greed Index can be your friend, if you watch it carefully and with the occasional jaundiced eye.
A note from their webpage today, regarding how the index continues to climb:
The McClellan Volume Summation Index measures advancing and declining volume on the NYSE. During the last month, approximately 15.40% more of each day's volume has traded in advancing issues than in declining issues, pushing this indicator towards the upper end of its range for the last two years.
For me, being an option trader, I'll just say I'm happy to sell them to you. Check out the option index comments from today:
During the last five trading days, volume in put options has lagged volume in call options by 50.24% as investors make bullish bets in their portfolios. This is among the lowest levels of put buying seen during the last two years, indicating extreme greed on the part of investors.
Kind of reminds me of November 2007 - How to Lose $9 Trillion in a Bull Market. You remember November 2007, right? Yeah... I thought you did, and they say we learn from our mistakes.
Check out the Fear and Greed Index here. Cool beans.