The weekly bullish sentiment survey from the American Association of Individual Investors declined to 33.33% from last week's 37.35%. This is the third decline in bullish sentiment in as many weeks. However, when looking at the 8-period moving average of bullish sentiment, the trend continues to move higher since February, 2003.
As noted in yesterday's post, many times it is not the level of the indicator, but the direction in which it is moving. In the case of bullish sentiment, it continues to move higher since 2003, albeit from a lower level.
As noted in yesterday's post, many times it is not the level of the indicator, but the direction in which it is moving. In the case of bullish sentiment, it continues to move higher since 2003, albeit from a lower level.
(click on table/graph for larger image)
Data source: American Association of Individual Investors
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