This past week's Sentiment Survey report by the Association of Individual Investors shows individual investor bullish sentiment declined further to 28.34% from the prior week's level of 29.77%. The weekly sentiment readings tend to be volatile and looking at the 8-period moving average shows the average sentiment reading is 31.5%, still a low level. Many of the survey participants indicated a neutral view on the market as the neutral reading was reported at 42.99%. The last time the neutral reading was above 42% was September of 1999 when the neutral reading was reported at 42%. To remind readers, the AAII sentiment survey readings are viewed as contrarian indicators.
|From The Blog of HORAN Capital Advisors|