Investors Not Bullish

I don't think I have a single client that believes in this rally.  Actually I'm not sure that I have a single client that's believed in the rally we've seen since 2009.  This chart by way of Bespoke Investment Group shows that investors aren't feeling bullish right now.  Bespoke's comments:

"Sometimes you see an update to an indicator and the only thing you can do is scratch your head.  That is exactly what happened this morning when we saw the latest update to the weekly sentiment survey from the American Association of Individual Investors (AAII).  According to this week's survey, bullish sentiment was nearly cut in half from 35.5% down to 19.3%!  As shown in the chart below, this represents the lowest reading of the entire bull market.  Outlier readings like this make us wonder whether or not there was an error with the release, but if true it is yet another example of how investors are still anything but all in."

Link: Bespokeinvest.com: Bulls Move to the Endangered List