The contrarian investor sentiment indicator proved correct last week as individual investor bullish sentiment declined, yet the S&P 500 Index moved higher. For the period ending July 18, 2007, bullish sentiment declined to 41.77% versus last week's 43.64% as reported by the Association of Individual Investors. The magnitude of the decline in bullishness was picked up in an increase in investor bearishness to 36.71% versus last week's 30.0%. On an 8-period moving average basis, the bullish sentiment continues to drift higher at 40.3% versus last week's 39.8%.
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