In spite of a nice rally for equities over the last week, individual investor sentiment barely budged higher.  In the latest poll of investor sentiment from AAII, bullish sentiment rose from 31.2% up to 32.0%.  That’s the 18th straight week where bullish sentiment has been below 40%, and even more amazingly, it is the 52nd week in the last 53 where bullish sentiment has been below 40%.  In the history of the AAII survey, there has never been a stretch where we saw more sub-40% readings over a 53-week period.

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As bullish sentiment has been slowly creeping higher, bearish sentiment has been steadily drifting lower.  In this week’s survey, bearish sentiment dropped from 31.4% down to 29.2%.  This was the third straight weekly decline, and now puts bearish sentiment at its lowest level of the year.

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