Mom and pop end record bout of pessimism
We've looked at the deep and entrenched pessimism in the AAII sentiment survey multiple times this year. It's finally time to put that to bed, as the latest survey showed more bulls than bears. This is the first week with a Bull Ratio above 50% in a whopping 34 weeks, exceeding the prior record of 22 weeks from 1991. Below, we can see that after other streaks of 12+ weeks ended, the S&P 500 did well in the months ahead, with no losses 2 months later.