Overall sentiment this week is once again mixed between institutions and small investors. The AAII’s small investor survey showed a 2% decline in bullish sentiment to 39%. This was just the second reading below 40% in the prior 6 weeks. The investors intelligence poll continues to show a growing sense of bullishness. Bulls jumped from 54% to 56%. Investors expecting a correction slumped to 25.3% from 28%. The bullish reading is the highest level since 2007. Of course, this data does not include yesterday’s market crash. Mark Hulbert at MarketWatch says his newsletter survey plummeted 38% with the market and my guess is that we will see similarly large drops in bullishness when next week’s II and AAII data comes out.
![Cullen Roche](https://pragcap.com/wp-content/uploads/2022/01/Headshot2022-1-144x144.png)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.