The bulls are back! The AAII reading hit 43% this week as bearish investors slipped to just 25%. This is the highest spread since early 2008. This reading has routinely been a contrarian indicator during this bear market though the recent high readings have yet to be judged. If the S&P 500 and more importantly, the banks, push their way through this important psychological level we could see the bull parade get a little out of control – to the point where you don’t want to be involved….
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