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With the S&P 500 currently riding a streak of 7 straight up days and the DJIA up more than 100 points in each of the last three trading days, investors have predictably become more positive in their views on the market. Based on the latest weekly survey from the American Association of Individual Investors (AAII), bullish sentiment jumped from 35.5% to 45.5%. That ten percentage point increase is the largest weekly increase since July 4th.

As shown in the chart below, investor sentiment has been extremely indecisive in the last several weeks, moving up and down from relatively extreme highs to relatively extreme lows.

(click to enlarge)