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Bullish Sentiment Declines

Bullish sentiment fell modestly last week as the lack of any movement in either direction on the part of the market in recent days has caused investors to take some profits.  According to the weekly sentiment survey from the American Association of Individual Investors (AAII) bullish sentiment fell from 46.45% down to 43.94%.  For the second time in a month, bullish sentiment got to the high 40% range but then fell back.  It seems as though no matter what the market does, it is going to be hard to get a majority of individual investors in the bullish camp.  In the last two years, there have only been three weeks where bullish sentiment exceeded 50%.