After climbing to its highest levels since April 2009 back in September, bearish sentiment has been in a steady decline since the market's Fall rally began. At a current level of 22%, the Investors Intelligence weekly survey of bearish sentiment is now at its lowest level since the first week of May. As luck would have it, just when bearish sentiment was declining to multi-month lows, the S&P 500 had its worst day in exactly two months yesterday.
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