duster, i don't know where you're getting your data. here's a graph of the published numbers for AAII bulls vs bears. kinda flat, except for march. <A HREF="http://www.schaeffersresearch.com/streetools/market_tools/inv_intel.aspx" target="_blank">http://www.schaeffersresearch.com/streetools/market_tools/inv_intel.aspx</A>