Bearish Sentiment Drops Below 20%

The weekly sentiment survey from the American Association of Individual Investors (AAII) showed that bullish sentiment rose to 48.4% from 47.2%.  On the other end of the spectrum, bearish sentiment dropped to 18.9% from 23.6%.  While this week's drop in bearish sentiment looks like a large shift, we would note that it doesn't even erase the 6.4 percentage point rise we saw in the prior week.  That being said, there have only been four other weeks since the start of 2006 where bearish sentiment was lower than it is now.  Two of them were this month, and the other two were in December 2010 and January 2011.

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