I know I have been harping on how bullish the sentiment indicators are for some time now. And I hate to keep pointing out the same indicators week after week, but the indicators just keep moving more and more toward the bullish camp.

The Investors Intelligence report showed a bullish percentage of 55.2 percent, which is the highest bullish reading in more than two years.

The bearish percentage hit a multi-year low two weeks ago and moved even lower this past week, with a reading of 15.6 percent.

The high bullish percentage and the low bearish percentage have put the bull/bear ratio at 3.538. This is the first time since the second quarter of 2011, and only the second time in the last seven years, that the ratio has been above 3.5.

The Investors Intelligence ratio isn't the only indicator hitting a bullish extreme either. The 21-day moving average on the CBOE Equity Put/Call Ratio dropped to 0.5657 this past week, which is the lowest reading since February 2011.

The CBOE Volatility Index (VIX) is down below the 13 level again, and it hasn't been above the 25 level for the past 18 months. The last time we went through such a long period without climbing above the 25 level was in 2006 to 2007 — right before the bear market started.