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It seems as if higher stock prices are finally starting to have an impact on the sentiment of investors, and we stress the word "starting." After bottoming out at its second lowest reading of the entire bull market in early April, bullish sentiment as measured by the American Association of Individual Investors' weekly poll rose for its fourth straight week.

This week's reading of 40.79% represents an increase of 9.8 percentage points from last week and is the highest reading since March 14. Even after the increases, however, we would note that this week's reading is only 2.5 percentage points higher than the average of 30.3% we have seen during the entire bull market, dating back to March 2009.

(click to enlarge)

Source: Bullish Sentiment Rises For 4th Straight Week