The latest AAII sentiment survey is out and my have AAII members changed their tune! To quote the mailing:
"Bullish sentiment of individual investors rose 10.1 percentage points to 30.8% in the latest AAII Sentiment Survey. While the increase in bullish sentiment was dramatic, bullish sentiment remains below its long-term average of 39%.
The improvement in bullish sentiment comes on the heels of a strong stock market advance during the first trading day of September. Investor sentiment is often influenced by recent stock market action."
Influenced by recent action? Ya think?
It looks like for this to be of any value anymore it needs to be smoothed but at least a 3-period average.