After a really depressed level of bullish sentiment last week, bullish sentiment rebounded in the last week but is still at levels that are way below average.  According to the weekly survey from AAII, individual investor bullish sentiment rebounded from 20.0% up to 25.4%.  In spite of the rebound, bullish sentiment has now been below 40% for 17 consecutive weeks.  The last time we saw bullish sentiment below 40% for this long was back in the summer of 2012.  Needless to say, individual investors aren’t feeling especially confident at the current point.

Even though bullish sentiment rebounded, bearish sentiment also rose, jumping from 32.58% up to 34.3%.  The last time bearish sentiment was this high was back in mid-October at the height of the Ebola scare.  So where did all these new bulls and bears come from?  Neutral sentiment.  In this week’s survey, the neutral camp shrunk from 47.4% down to 40.3%, so at least investors are becoming a little bit more decisive.