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Wednesday, the American Association of Individual Investors reported results of their weekly investor sentiment survey. Recall the sentiment survey is a contrarian indicator (one of many) and the less bullish individual investors, the more likely the market may be nearing a bottom. The results show individual investors continue to be less bullish on the market.

For the week, the level of bullishness declined to 22.17% versus last week's reading of 23.93%. The 8-period moving average of the bullishness level continued to declined and is reported at 32.8% versus last week's average of 35.7%.

(click on graph for larger image)

individual investor bullish sentiment chart July 9, 2008Data Source: American Association of Individual Investors