Bulls Move To The Endangered List

Includes: SPY
by: Bespoke Investment Group

Sometimes you see an update to an indicator and the only thing you can do is scratch your head. That is exactly what happened this morning when we saw the latest update to the weekly sentiment survey from the American Association of Individual Investors (AAII). According to this week's survey, bullish sentiment was nearly cut in half from 35.5% down to 19.3%.

As shown in the chart below, this represents the lowest reading of the entire bull market. Outlier readings like this make us wonder whether or not there was an error with the release, but if true it's yet another example of how investors are still anything but all in.