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AS STOCKS HIT HIGHS SENTIMENT SOARS

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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