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Still crabby

Jason Goepfert
2020-07-30

In the past, we've looked at the implied demographics of the AAII sentiment survey, with the conclusion that it's basically a reflection of "crabby old people." The massive rally over the past 20 weeks hasn't changed their attitude at all. Maybe big tech earnings beats will finally get them off the fence (doubtful). The percentage of investors with a bullish outlook this week dropped to 20%, the lowest - by far - of any period when there had been a 20-week rally of more than 20%. The only other week that qualified was July 15, 2009, when these investors weren't really buying into the post-financial-crisis rally, either.

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