A measure of stock market sentiment out today is at levels similar to last October when the major indices hit record highs.
The American Assoc of Individual Investors weekly data today has Bulls at 53.3% and Bears at 26.3%. The high in Oct was 54.7% in the Bulls and 25.4% in the Bears.
The caveat with this # is that individual investors are very fickle and thus this data is all over the place week to week and is much more volatile than the weekly Investors Intelligence data.
I don’t track this survey regularly — I prefer either trade based measures (Put/call ratio, fund manager cash on hand), but I also do not dismiss surveys totally.
Anyone have any long term experience with this survey series?