Lots of stocks, little cash

The latest AAII survey shows that individual investors added to their stock allocations yet again in June. Hard to blame them with the market we've had. The money had to come from somewhere, so they reduced their cash allocation at the same time.

The spread between allocations is now greater than 57%, among the widest since the survey's inception.

Nothing sentiment-related has worked for more than a few weeks since November, so who knows if this will actually mean anything. For what it's worth, there was only one month that had a spread this wide and stocks continued to rally uninterrupted, in January 1998. The rest saw some kind of break at some point.