Bullish sentiment on the part of individual investors rose modestly in the latest week, marking the fourth straight week of gains. According to the American Association of Individual Investors (AAII), bullish sentiment rose 0.4% to 36.8%. This is the highest level since April 5th, but it's still below the historical level of 38.9% going back to 1987. Given the fact that the S&P 500 is approaching new bull market highs, it is not surprising to see investors turning more bullish. In fact, you could argue that the most surprising aspect of all is that bullish sentiment is not higher.
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