The weekly AAII survey released this morning showed the first downtick in bullish sentiment (41.28% down to 35.09%) in three weeks.  Given the weakness in the broader equity market, the move lower in bullish sentiment is completely understandable.

As equity prices have fallen over the past week, bearish sentiment rose to 35.96%.  This week’s bearish reading is right around what we saw for most of October, so much like bullish sentiment, it is right within it recent range.

Neutral sentiment moved only slightly higher this week, as shown in the chart below.

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