As seen through the weekly AAII survey this week, investor sentiment showed growing optimism but nothing extreme.  Bullish sentiment was up a little over 4% to 39.32%, and while not particularly high, the percentage of bulls now sits at the upper end of the range the sentiment reading has been at over the past couple months.

Meanwhile, bearish sentiment held steady rising ever so slightly to 25.39% from 25.07% last week.  The percentage of bearish investors has come way off of its highs from the late 2018 sell off and is sitting at the lower end of the range that has been observed in the past year. So while in the short term it may seem this sentiment reading is still extremely low, looking back further it is actually more or less in line with what has been seen in the past.

All of the gains to bulls and bears came at the expense of those that reported neutral sentiment last week.  As we mentioned last week, neutral sentiment has been climbing quickly in the past month to fairly elevated levels after hitting multi-year lows in the final week of 2018.  Pulling back to 35.3% this week, it is still a few points above the historical average.

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