...the 8-period moving average continues to trend higher. The American Association of Individual Investors' sentiment indicator remained essentially unchanged for the period ending August 8, 2007. The level of bullishness was reported at 45.76% versus the prior week's bullishness level of 45.88%. The 8-period moving average of the bullishness level increased to 43.4% versus the prior week average of 42.4%. The trend in the 8-period average is one where the average is making lower highs and higher lows as noted by the trend lines on the chart below.
(click on chart for larger image)
Data Source: American Association of Individual Investors