As one might expect given the gains in the market from last Friday through Wednesday, this week’s latest report on sentiment from the American Association of Individual Investors (AAII) showed that bullish sentiment increased from 19.2% up to 27.56%, which is just about the exact same level it was two weeks ago. At the same time, bearish sentiment dropped from 48.7% down to 37.8%, which is not much higher than the reading of bearish sentiment two weeks ago. While levels of bearish sentiment remain high and levels of bullish sentiment remain low, the real story here is just how little long-term conviction investors have. As shown in the charts below, for the last eight weeks bullish sentiment has been bouncing back and forth from the high teens to high 20s on a week to week basis, while levels of bearish sentiment have been stuck in a range between the mid-30s and high-40s. With such relatively large swings back and forth on a week to week basis, you can bet that levels of frustration among investors are on the rise.