Thursday, August 23, 2007

Bullish Investor Sentiment Declines Again

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)

investor sentiment and S&P 500 Index 8-period average

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