We’re starting to run out of analogies and metaphors for the current state of sentiment on the part of individual investors.  In this week’s sentiment survey from AAII, bullish sentiment declined from 24.83% down to 24.00%, which is the lowest level since the week leading up to the Brexit vote.  With this week’s decline, bullish sentiment has now been below 40% for 48 straight weeks and 82 out of the last 83 weeks.  Perhaps the only thing that would be more depressing than the current investor funk would be if it was occurring in an environment where stock prices were also reflective of the bearish attitude.  Thankfully, reality and sentiment are portraying two completely different environments.


Bearish sentiment actually also declined slightly this week, but at a level of 37.11%, it’s still near its highest levels of 2016.



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