Are bullish market newsletter editors ignoring blinking yellow light caution signals? According to well-known newsletter analyst Mark Hulbert, the answer might well be yes.

Speaking to a crowd of well-heeled investors at February's Money Show in Orlando, Fla., who paid several hundred dollars to attend small group gatherings with noted figures in the investment community, Hulbert, editor of the eponymous Hulbert Financial Digest, pointed to trouble ahead. His index of newsletter sentiment stood at 58.2, just 20 points under its all-time high of 79.7 set in February 2001.

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