Check out this post at The View From Blue Ridge blog:
The article refers also to a similar cover story in Barrons over the weekend.
Are these two articles indicative of sentiment, and do they meet the magazine cover test? (For a discussion of the test, see here: http://www.ritholtz.com/blog/2010/04/newsweek-cover-contrary-vs-contrary-indicator/ and here: http://www.ritholtz.com/blog/2010/10/barrons-cover-bye-bye-bear/ )
Yes, they are, and they do.
The sentiment surveys have been revealing this extreme bullish sentiment for some weeks now, and this is another straw on the camels back. Watch for deterioration in price/volume action, and note that the market is probably more susceptible to bad news now than it has been recently (the market has shrugged off bad news recently).
I found the reference to the Blue Ridge blog at Business Insider, here: