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This week's sentiment report from the American Association of Individual Investors (AAII) showed that the ongoing debate over the fiscal cliff during the final days of 2012 had a negative impact on investor sentiment.

After five straight weeks of increases, bullish sentiment declined for the second week in a row, falling from 44.4% down to 38.7%. Ahead of Tuesday's temporary resolution, it appears as if many investors took money off the table to hedge against a possible sell-off if no agreement was reached. So when an agreement was finally reached they moved back in, pushing stocks higher.

(click to enlarge)

Source: Fiscal Cliff Spooks Individual Investors