Bulls As Elusive As A Maria Belen Shapur Photo

Following a market decline of less than 6% from its highs, sentiment of individual investors is at its most bearish level since the March lows.  Based on this week's survey from the American Association of Individual Investors (AAII), 28% of investors are bullish while 48.8% are in the bearish camp.  The current bull-bear spread of negative 20.8% is the lowest level since the week ending March 12th.  While single-day market declines of 6% were commonplace less than six months ago, given the scars of the bear market, a multi-week pullback of less than 6% is enough to send the bulls heading for the hills.