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AAII BULL % DECLINES

The AAII bullish survey declined this week from 44% to 39%. 39% remains an elevated level and is a clear sign of the recent optimism surrounding the markets. Combined with insider selling, technicals, and mutual fund flows it’s clear that we’re beginning to see the signs of a potential market topping process. Small investors can’t buy enough and sentiment has shifted sharply – both are major contrarian indicators.

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