Market New Highs & Bulls at New Lows

How can you not love sentiment?

I figured bullish sentiment would be off the charts once US Markets hit all-time highs. Boy was I wrong. The S&P500 finally broke through those historic levels, but the bulls are no where to be found, at least according to the recent AAII Survey. The Americian Association of Individual Investors polls the retail public weekly as to whether they are bullish, bearish or neutral over the next six months. So with new highs in the market, the recent polls are showing half as many bulls.

Here is the chart via Bespoke:

Here is this week's data from AAII:

Tags: $DJIA $SPY