The trend in bullish investor sentiment, as reported by the American Association of Individual Investors, continues lower as noted in the chart below. The bullish sentiment level declined to 35.61% versus last week's level of 40.00%. The 8-period moving average of the bullishness level remains just above 30%. The bull/bear spread came in at -7% this week versus -1% last week.
(click on chart for larger image)
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