Research note from Argus today.

With the latest reading at 104%, the index has now jumped over 100% six times in 2020 and 2021. Four of those events led to small/decent pullbacks in the major indices. During the latest pullback in March, exposure dropped to 49% from 110% in just four weeks. It jumped to 79% in mid-March, fell back to 52% at the end of March, and is once again over 100%.