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
AAII Investor Sentiment Up Again
AAII Sentiment Survey Surges For Second Week