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A very nice bounce back for the market last week sure didn't do much for investor sentiment. In fact, sentiment got significantly worse, with the percentage of bulls in our weekly market poll falling to just 38% versus 45% in the prior week.

As shown below, the percentage of bears in our weekly market poll jumped to its highest level in a year. One thing's for sure -- the over-confidence and complacency that we typically see when the market is nearing a top is the complete opposite of what we're seeing right now.

(click to enlarge)

Source: The Bulls Head For The Hills