Yardeni Warns ‘Too Many Bulls’ Put Stocks on Cusp of a Pullback

“There are too many bulls,” says perma-bull Ed Yardeni of eponymous firm Yardeni Research, after a torrid six-month advance that defied virtually every warning. The S&P 500 Index has soared 37% since early April, a feat topped in just five other instances since 1950, according to data compiled by Bloomberg. Yardeni predicts the S&P 500 could fall as much as 5% from its peak by late December as sentiment and technical indicators are looking stretched.