Keeping in mind that the individual investor sentiment reading is a contrarian indicator, bullish sentiment spiked higher to 47.67% versus last week's level of 37.60%. The long term average for the bullish reading is 39%. The bull/bear spread turned positive at 16% versus last week's spread of -5%. When the S&P was at 1,562.47 during the week of October 11, 2007, the American Association of Individual Investors' reported a bullishness reading of 54.64% .
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