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BULLISH SENTIMENT REMAINS ELEVATED

Sentiment levels were mixed this week with a move higher in the Investor’s Intelligence survey and a decline in the AAII small investor survey.  AAII bullishness declined to 48.2% from last week’s reading of 51.2%.  Last week’s reading was the highest level of bullishness since March of 2008 near the market peak.  Investor’s Intelligence bullishness rose a bit this week to 46.7% – a moderately high level.

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