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SENTIMENT REMAINS BULLISH

Bullish sentiment remains high according to the AAII and Investors Intelligence surveys.  The AAII reading of bullish investors fell 2.4% to 42.5% on the week.  This is the fourth week of declines in the AAII survey, however, remains a relatively high historical level.  Charles Rotblut at AAII describes this as a “cautious optimism”:

“Though there has been an above average level of bullish sentiment for four consecutive weeks, it remains a cautious optimism. As is evidenced by the recent rebound in bearish sentiment, many individual investors continue to worry about the pace of the economic recovery and the uncertainty coming out of Washington. Yields are also an issue, and I continue to receive frequent calls about how to find dividend-yielding stocks.”

The Investor’s Intelligence survey saw a continued climb in bullish sentiment to 43.3% though not quite at the extremely bullish levels seen in the AAII survey:

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