The recent excessive optimism in the market continues to be reversed. The report out today from Investors Intelligence showed bullish newsletter writer sentiment is at the lowest level since the week of April 13th. The percent bulls declined to 42.5% from 44.3% in the prior week, the fifth consecutive decline. The bearish sentiment remained unchanged at 19.8%. Those looking for a correction is also back to April levels, rising to 37.7% from 35.9%.

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