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Bullish sentiment remains near excessively high levels according to this week’s sentiment surveys.  The latest AAII bullish reading came in at 47.1% – a slight decline from last week, however, still well above the historical average.  Charles Rotblut of AAII elaborates on the data:

“Bullish sentiment, expectations that stock prices will rise over the next six months, fell 1.9 percentage points to 47.1% in the latest AAII Sentiment Survey. This is the sixth consecutive week that bullish sentiment has been above its historical average of 39%.”

The Investors Intelligence survey continued to rise this week with bullish sentiment jumping to 47.2% from 45.6% last week.  David Rosenberg noted that this week’s reading is the highest bull/bear spread since the May market top:

Investors Intelligence poll just came out and the results:

Bulls: 47.2% versus 45.6% last week

Bears: 24.7% versus 28.3% last week

The bull/bear spread now stands at 22.5. This ratio has not been this “wide” since May 11. Bullish sentiment has risen for 7 consecutive weeks (and is up 17.8 points since the end of August).

Source: AAII, II

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