The Hypomanic Attitudes and Positive Predictions Inventory (HAPPI; Mansell, 2006) was developed as a theory-driven cognitive measure of extreme, personalised appraisals of internal state. According to an integrative cognitive model of mood swings and bipolar disorder (Mansell, Morrison, Reid, Lowens, & Tai, 2007), these positive and negative appraisals are a key factor in the development of mania and depression. Factor analysis was performed on an extended version of the HAPPI (Dodd, Mansell, Sadhnani, Morrison, & Tai, 2010) in a student sample (N = 293). A six-factor solution emerged, representing separate categories of beliefs about internal states labelled Social Self-Criticism, Increasing Activation to Avoid Failure, Success Activation and Triumph Over Fear, Loss of Control, Grandiose Appraisals of Ideation, and Regaining Autonomy. Aspects of the cognitive model were supported by the finding of independent and unique associations between HAPPI factors and analogue bipolar symptoms.