This week's AAII survey of investor sentiment showed that 42.1% of respondents were bullish while only 28.4% were bearish (lowest since May 2008). The bull to bear ratio of 1.48:1 is the highest since July. In the chart below, we highlight each week in 2009 where the AAII bull to bear ratio exceeded 1.4. As shown, the only three weeks where this occurred were in late July and early August.
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