Individual investor sentiment saw an uptick last week in a similar way as the Investor Intelligence newsletter writers.  The readings are not “extreme”, but the level of bulls in the AAII survey bounced back to the level that preceded the initial Coronavirus swoon (Figure 1).  This is yet another indicator that reinforces our neutral view of not being too positive or negative and waiting for clearer signs to become more offensive.


Figure 1 – AAII % bulls bounces back with recent market gains

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