Investor bullish sentiment reported earlier this week by the American Association of Individual Investors indicated a decline in the bullish sentiment level. Bullish sentiment was reported at 39.13% versus last week's level of 45.06%. Most of the bullish investors turned bearish causing the bull/bear spread to turn negative. This week's bull/bear spread equals -3% versus last week's spread of +7%. Although the eight period moving average of bullish sentiment did tick higher this week, the trend for this indicator has been declining since January 2004. It could be the strong move in the market since March 9th is causing investors to take a little money off of the table.
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