Things you don't see at market bottoms, Retailphoria edition

It is said that while bottoms are events, but tops are processes. Translated, markets bottom out when panic sets in, and therefore they can be more easily identifiable. By contrast, market tops form when a series of conditions come together, but not necessarily all at the same time.

I have stated that while I don't believe that the stock market has made its final cyclical top, we are in the late stages of a bull market (see Risks are rising, but THE TOP is still ahead and Nearing the terminal phase of this equity bull). Nevertheless, psychology is getting a little frothy, which represent the pre-condition for a major top.

As a result, this is another post in an occasional series of lists of "things you don't see at market bottoms". This week, I focus on more signs of retail giddiness.

• The TD-Ameritrade Investor Movement Index hits an all-time high
• E-Trade parties like it`s 1999
• If the market is chasing yield, corporations can get away with murder

The full post can be found at our new site here.