In contrast to the weekly Investors Intelligence data out yesterday which revealed that newsletter writers are the most bullish since Dec ’07 and the least bearish since Oct ’07 with the balance expecting a correction, the AAII sentiment measurement of individual investors reflects a different opinion. Bulls were little changed on the week at 34 but is down from 51 two weeks ago while Bears rose 9 points to 49 and are up from 33 two weeks ago. The AAII data is much more fickle than the II but the difference in sentiment between the ‘experts’ and the individuals is worth noting.

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