Dow And S&P 500 Hit All-Time Highs!

Both the Dow Jones Industrial Average and the S&P 500 are rallying to all-time highs.

This come on a very quiet day in a very quiet week for news.

Some pundits are worried that sentiment is getting exuberant.

But Citi's Tobias Levkovich disagrees.

"The rally’s resilience would argue that investors are upbeat but the data does not support the premise," he said in a recent note to clients. "While stock prices break into new highs, there has been little in the form of embracing it by fund managers as defined by various metrics. Earnings have been a very important driver for shares as they have been for years, but there does not seem to be a belief system in place that things are anywhere near sustainable in the face of global economic uncertainties and even some increasing geopolitical concerns."

Here's a look at Citi's proprietary Panic/Euphoria model, a contrarian indicator for the markets.

"[O]ne can see that as the markets have broken into new high territory, investors have become more worried given that the readings have slid deeper into neutral territory (see Figure 1)," wrote Levkovich.

And that's bullish.