AAII Investor Sentiment Declines

Today we got a somewhat strange reading from the AAII Investor Sentiment Survey. Despite a generally bullish market environment,  bullish sentiment fell to 44.97% from 50.89% and bearish sentiment rose to 25.40% from 24.26%. The percentage of investors who described themselves as neutral on the stock market rose to 29.63% from 24.85%. I say the data is odd because when the market rises usually AAII bullish sentiment goes up as well, but we have not seen this happen. From a contrarian point of view you would have liked to seen bullish sentiment rise again to 55% in order to signal a top in the market. Looks like we may be nearing a top soon.

I will have the charts up in a few hours.

UPDATE: Here are the charts

This is a six month chart of the AAII Sentiment Survey

Here is a 1 year chart which shows AAII bullish sentiment with the SP 500

Black Swan Insights

Related Articles:
AAII Investor Sentiment Up Again
AAII Sentiment Survey Surges For Second Week



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