This week's investor sentiment survey reported by the American Association of Individual Investors saw a decline in bullish investor sentiment of over 10 percentage points. The bullish sentiment reading was reported at 38.12% versus the prior week's reading of 48.48%. Eleven out of the first sixteen weeks of this year saw changes in the sentiment reading of + or - five or more percentage points. This is a similar number of weeks as were reported in the first four months of 2009. The 8-period moving average of the bullishness reading increased to 40% versus last week's level of 39.6%. This is the fourth consecutive week that the 8-period moving average has increased. The bull/bear spread narrowed to 4% versus 19% last week.