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INVESTOR’S INTELLIGENCE: BULLISH SENTIMENT STILL HIGH

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.