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SENTIMENT REMAINS VERY BULLISH

The group behavior continues to build momentum as the herd becomes convinced that stocks have nowhere to go but up.  This week’s sentiment surveys showed a continuing rise in bullish sentiment.  The AAII hit an usually high level of 49% while the Investors Intelligence Survey also jumped to a fresh multi-month high of 43.6%.  Charles Rotblut of AAII elaborated on the results:

“Individual investors continue to react positively to this fall’s global rise in stock prices, as can be seen in the survey results. The 21.3-point spread between bullish and bearish sentiment suggests that optimism remains below levels that would be considered excessive, however. (The bull-bear spread has topped 40 points nearly 70 times since 1987.) This suggests that though many individual investors are hopeful, concerns about the economy, interest rates and the federal deficit have not faded into the background.”

AAII Bulls

Investors Intelligence Bulls

Source: AAII, II

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