We wondered previously what happens when there are no more greater fools to sell to? But, US investors have turned the euphoria dial to 11 this week as the percent bullish is the highest since the peak in Fall 2007 and bears are at their lowest percentage since Spring 1987. Thus, the Bull-bear spread (based on AAII's survey) has never been wider (and don't forget, even Cliff Asness knows the unbridled idiocy of the 'money-on-the-sidelines'-meme).

And remember, we don't need to worry about record high margin debt as long as stocks keep going up...

As - over the long-term - the bull-bear spread has never been wider (by a long way)...

h/t @Not_Jim_Cramer