Are Undecided Investors More Bullish?

This week's release of the American Association of Individual Investors Sentiment Survey saw an increase in individual investor bullish sentiment. The bullishness level increased to 37.04% versus last week's ready of 30.68%. Most of the increase came at the expense of a decline in the neutral investors. The neutral reading fell over four percentage points. The eight-period moving average of the bullishness level increased to 35.6% from 33.8%. Additionally, the bull//bear spread improved to minus 6% from minus 15%. In true fashion, as investor bullishness improved, the S&P 500 index fell from 1,281 to 1,275 at the time of the survey.

click to enlarge