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Sentiment was mixed this week as the AAII survey and Investor’s Intelligence poll diverged.  Small investors became convincingly more bullish as advisers became more bearish.  The investor’s Intelligence survey declined from a level of 37% bullishness to 32% – a level of clear contrarian bullishness.

The AAII poll, on the other hand, took a decisive turn in the opposite direction as small investors became more bullish.  Bullishness jumped 18% to 39.4%.  The historical average is 39%.    Charles Rotblut at AAII says:

“The bounce in the equity markets helped to restore some confidence among individual investors; however, I would describe sentiment as fragile. This was the 10th consecutive week that bearish sentiment has been above its historical average.”

Sources: AAII, II

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