The Globe and Mail reports in its Saturday, April 6, edition that according to Citigroup's Levkovich Index, investor sentiment in the U.S. stock market has officially reached the level of "euphoria." The Globe's Ian McGugen writes that the index employs 11 different indicators to measure market participants' emotions, and all of them indicate that investors are currently feeling giddy and optimistic. Once the U.S. stock market enters the euphoric zone, it has historically remained there for an average of 26 weeks before falling back to Earth, according to Citi. However, on some occasions the market has floated in euphoric territory for more than a year before reverting to normalcy. The core message of the Citi index seems clear: After a rip-roaring year in which U.S. stocks surged by more than 25 per cent and global stocks soared more than 20 per cent, we should now brace ourselves for a bumpier ride ahead. The North American economy is sending a flurry of mixed signals. The rise in delinquency rates adds to the evidence that the stock of excess savings accumulated during the pandemic is now close to exhausted. Citi warns that investors should not expect a repeat of the past year's big gains.