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Where did all the bulls go? This week's

American Association of Individual Investors'

(AAII) sentiment survey showed that bulls stepped to the sidelines. The percentage of investors who consider themselves bullish dropped to an eight-month low, coming it at 30.43% during the week ended Feb. 14. The percentage of investors who consider themselves neutral, meanwhile, came in at 47.83%, the highest reading in a year. The percentage of bears moved higher during the week as well, coming in at 21.74%.

The survey's recent success at being a good contrarian indicator remained intact last week, as the percentage of investors who considered themselves bullish during the week ended Feb. 7 reached a two-month high. Not surprisingly, the


fell 4.5% during the past week. The

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fell 1.4%; the

S&P 500

fell 1.9%.

This week's higher bearish reading and lower bullish reading should be perceived as bullish by the market. The wild card, though, is in the neutral figure. Next week's poll -- for the week ending Feb. 21 -- should be interesting, as we find out if those investors sitting on the sidelines decide to take on a bearish or bullish stance -- or if they decide to remain in the middle a little while longer.

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