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This morning’s update of investor sentiment from AAII showed a big drop in bullish sentiment and nearly as large an increase in bearish sentiment.  We’ll have more on the details later, but below we wanted to provide a quick update on the sentiment of newsletter writers with the Investors Intelligence survey.  In the latest report, the spread between bulls and bears was +12.5 percentage points, which is an improvement off the extremely negative reading of -11.6 percentage points right around the recent lows.  Over the last 20 years, readings like the late March one of below -10 have been a pretty good medium to long-term buy signal.  With the reading back above zero, it’s obviously nowhere nearly as extreme, but it’s still well below the 20-year average of 23.3 percentage points.