Sentiment among individual investors did a complete reversal from last week’s levels as bullish sentiment saw a sharp drop and bearish sentiment spiked. According to the weekly survey from the American Association of Individual Investors (AAII), bullish sentiment dropped from 35.6% down to 22.61%. This was the largest one-week decline in bullish sentiment since May 2013 and represents the 14th straight week where bullish sentiment has been below its long-term average. While investors were bullish last week after the Nasdaq broke out to new all-time highs, Greece is weighing on sentiment this week.
In an almost exact mirror image of bullish sentiment, bearish sentiment shot up from 21.7% to 35.09%. The last time bearish sentiment jumped this much in a week was in August 2013 when tensions over Syria weighed on investor sentiment.