This note is a guest contribution by Bespoke Investment Group.
As shown in the top chart below, bearish sentiment among investment advisers (Investors Intelligence) increased this week and is now tied for its highest level since April 2009 (35.6%). While bearish sentiment among individual investors (AAII) is not at a one year high, we did see an increase as the percentage of investors considering themselves bearish now stands at 45%.
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