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Yesterday’s release of the Investor’s Intelligence survey showed the highest level of bearish sentiment since March 12, 2003, as 37.4% of respondents see the market declining. In the chart of the S&P 500 below, we note each occurrence since 2000 where the level of bearish sentiment exceeded 33.3%. Since 2000, the S&P 500 has had above average returns over the next week (0.46%) and month (1.62%).
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