The latest batch of investor surveys continues to show apathetic sentiment, with low optimism or even outright pessimism. This is unusual to see after stocks have staged large multi-week rallies. Our AIM model is showing the lowest-ever amount of optimism after such a large gain.; Over the past month, stocks have rallied hard, but trend-following hedge funds appear to have a net short position. After a rally this large, their models would typically have flipped to long positions, so this is unusual and suggests they think we're still in a downtrending market.

---