The American Association of Individual Investors reported this week that investor bullish sentiment of 33.72% was below the long term average bullish sentiment level of 39%. This technical indicator is a contrarian one and would point to potentially higher stock gains if looked at on a standalone basis. This week's reading saw a nearly 10 percentage point drop in bullishness from the prior week's level of 43.81%. The bull/bear spread widened to -12% versus last weeks +9% spread.
(click to enlarge)