In the American Association of Individual Investors sentiment survey release this week, bullish sentiment declined for the fifth straight week. Bearish sentiment fell as well with the neutral category picking up more of the votes. As noted in past posts, this is a contrarian indicator. If bullish sentiment falls to a level like July 20th, this would be one indication the equity market may rally.
(click on chart for larger image)
Source: American Association of Individual Investors
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