Bullish Sentiment: Down But Still Lofty

The chart below shows the combined bullish sentiment readings from the Investors Intelligence (II) and American Association of Individual Investors (AAII) surveys.  After rising to the highest levels in over six years, the combined reading (as well as both surveys) are down marginally from their highs, even though the markets are still chugging along.  While this minor a drop is hardly enough to be considered a healthy degree of skepticism, it does show that at least some investors are becoming more risk averse at these multi-year highs.

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