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After hitting its lowest levels since March 2009, bullish sentiment on the part of individual investors rebounded this week but still remains at depressed levels. In this week's sentiment survey from the American Association of Individual Investors (AAII), bullish sentiment rose from 19.3% up to 26.9%. Even at this week's level though, there have only been 12 weeks out of 215 in the current bull market where bullish sentiment was lower.

The biggest irony of last week's multi-year low reading in investor sentiment is that it was released on the same day that the S&P 500 closed at an all-time high. In a bull market that has seen little enthusiasm on the part of investors, would you expect anything different?

(click to enlarge)

Source: AAII Bullish Sentiment Rebounds