This week’s Investor’s Intelligence survey showed a drop in bullishness from 55.5% to 52.7%. Bearishness declined to just 19.1%. The current bull/bear spread has been consistent with markets that tend to perform poorly in the near-term, however, this latest bout of high bullishness has appeared unbreakable. Although sentiment appears to be moving towards a more moderate level this remains an extremely high historical point for bullishness. This is consistent with the continuing high levels of bullishness in the AAII survey.
![Cullen Roche](https://pragcap.com/wp-content/uploads/2022/01/Headshot2022-1-144x144.png)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.