According to AAII Small Investors Still Cautious - Mike Swanson (05/03/2103)

When it comes to tracking investor sentiment I mostly use the Investors Intelligence Survey, but the American Association of Individual Investors(AAII) also polls smaller players to see how they feel about the stock market.

This week according to the AAII poll the number of investors bullish on the stock market has gone back above 30%, after dropping below 25% a few weeks ago.

Here is a chart from bespokeinvest.com:

This chart means that even though the market has been rallying people have not been getting overly bullish on the stock market and a lot of caution over the market still exists.

From a contrarian standpoint that is good for the stock market, because investors tend to get wildly bullish at market tops and they are more cautious than bullish as a whole now.

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