Thursday, July 16, 2009

Bearish Sentiment and Market In Denial Phase

Individual investor bullish sentiment moved fractionally higher as reported by the American Association of Individual Investors. The bullishness reading increased to 28.68% versus last week's reading of 27.91%. The bull/bear spread improved to -18% versus last week's level of -27%. The improvement came from bearish investors moving towards a more neutral stance.

As noted in an earlier post containing the Justin Mamis's sentiment cycle chart, is it likely the market is in the "denial" phase of the sentiment cycle?

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