Stunning set of sentiment figs just out from the AAII

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The figures above just released from the AAII are amazing. Bearish sentiment, expectations that stock prices will fall over the next six months, surged by a stunning 26.3 percentage points to 54.5%. This was the third largest one-week increase in pessimism recorded since the survey started in 1987. 
The rise also put bearish sentiment at an extraordinarily high level (more than two standard deviations above its historical average). Notably, bullish sentiment is close to being two standard deviations below its historical average, essentially making it extraordinary as well. 

To me, this is another signal that the market has another 10-15% to go before the rise is done. Retail is nowhere near fully in notwithtsanding the recent modest inflows into equities, and it seems instititional investors are also still relatively underweight. This bull market continues to confound the majority…

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