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BULLISH SENTIMENT REACHING EXUBERANT LEVELS

BULLISH SENTIMENT REACHING EXUBERANT LEVELS

Courtesy of The Pragmatic Capitalist 

Bullish sentiment remains near excessively high levels according to this week’s sentiment surveys.  The latest AAII bullish reading came in at 47.1% – a slight decline from last week, however, still well above the historical average.  Charles Rotblut of AAII elaborates on the data:

“Bullish sentiment, expectations that stock prices will rise over the next six months, fell 1.9 percentage points to 47.1% in the latest AAII Sentiment Survey. This is the sixth consecutive week that bullish sentiment has been above its historical average of 39%.”

AAII % Bulls

The Investors Intelligence survey continued to rise this week with bullish sentiment jumping to 47.2% from 45.6% last week.  David Rosenberg noted that this week’s reading is the highest bull/bear spread since the May market top:

Investors Intelligence poll just came out and the results:

Bulls: 47.2% versus 45.6% last week

Bears: 24.7% versus 28.3% last week

The bull/bear spread now stands at 22.5. This ratio has not been this “wide” since May 11. Bullish sentiment has risen for 7 consecutive weeks (and is up 17.8 points since the end of August).

Source: AAII, II 


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