Over the course of the last five weeks, the bullish sentiment reading as reported by the American Association of Individual Investor has increased from 38.38% to this week's bullish reading of 54.64%. During this same time period, the S&P 500 Index has increased 6.13%. It really isn't too surprising that we are now seeing some profit taking in the equity markets. Since August of this year, the market has pretty much moved in a straight line to higher levels.
(click on graph for larger image)
On the Bespoke Investment Group site, an interesting observation is made noting there may have been a large hedge fund or mutual fund needing to unload some equity holdings. Bespoke provides intra-day charts for both Apple (AAPL) and Research in Motion (RIMM).
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