The S&P 500 is down less than 3% from its recent closing high, but based on the latest sentiment figures from the American Association of Individual Investors (AAII) you would think we are already in correction territory. In the latest week, bullish sentiment declined from 26.7% to 25.6%. This is the lowest level since August 2010, and a far cry from the 50%+ levels we saw as recently as February.
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