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Given the three down days in the equity market to start the week, one would think that individual investors would be growing a bit more cautious. The reality, though, is that bullish sentiment showed a modest increase this week.

According to the American Association of Individual Investors (AAII), bullish sentiment rose by 3.5 points from 29.5% to 33.0%. In spite of the increase, though, bullish sentiment remains well below its historical average of 38.3% for the current bull market.

(click to enlarge)