The level of bullish investor sentiment as reported by the American Association of Individual Investors declined further as of August 22, 2007. The bullishness level declined to 41.28% versus last week's level of 42.22%. However, the spread between bullishness and bearishness improved to a -2% versus last week's -3%. The spread narrowed as more investors moved to a neutral view on the market versus last week, 15.60% versus 12.22%. As noted in the graph below, the 8-period average continues to move higher since June 14, 2007
(click on graphs for larger image)
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