This week’s Investor’s Intelligence survey showed a drop in bullishness from 55.5% to 52.7%. Bearishness declined to just 19.1%. The current bull/bear spread has been consistent with markets that tend to perform poorly in the near-term, however, this latest bout of high bullishness has appeared unbreakable. Although sentiment appears to be moving towards a more moderate level this remains an extremely high historical point for bullishness. This is consistent with the continuing high levels of bullishness in the AAII survey.