NEW YORK (TheStreet) -- According to the American Association of Individual Investors, the four-week moving average of bullish investor sentiment is at its lowest level in over a year, yet the S&P 500 (SPY) and the Dow (DIA) remain just a whisker below new 5-year bull market highs.
Here's the chart, shared by Ryan Detrick:
AAII bulls 4-week MA lowest level in a year. Guess they had a lot of momo names in their portfolio. http://stks.co/h0amW? Ryan Detrick (@RyanDetrick) May. 8 at 09:52 AM
If you wanted a more clear picture of how dumbfounded professional investors are in this environment, look no further than this.
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At the time of publication, the author held no positions in any of the stocks mentioned.
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