Few(er) bulls
For the first time in what seems like forever, the Investor's Intelligence survey of newsletter writers is showing a hefty drop in the percentage of bullish outlooks. The Bull Ratio is below 65% for the first time in well over a year, ending one of the longest streaks since 1969.

The ends of long streaks of super bullishness among the writers have preceded some shorter-term trouble, most notably last March. But overall, optimism tended to quickly return, and the S&P 500 showed a positive return over the next 3 months after 10 out of 11 signals.

