SPDR S&P 500 (SPY)

[learningboutinv]

More on the AAII. This time the Bearish AAII:

Bears Exceed Bulls by Most in 17 Years, Investor Poll Says
"The number of individual investors who are bearish on U.S. equities exceeds those who are bullish by the most since November 1990, a signal to some investors that stocks may be poised to rebound."

http://investorshub.advfn.com/boards/read_msg.asp?message_id=25900637

"As a contrary indicator, when the ratios exceed the upper red lines, then that's an indication that individual investors are too bullish on the market, and we should be watching for a potential decline. Conversely, when the ratios drop below the lower green bands, then we know that folks are overly pessimistic and a market rally is more likely to ensue.

In other words, we should expect a reading under 41% or over 81% approximately 13 times per year. Since such a reading would be relatively unusual, it suggests that we may be seeing an unsustainable trend. These figures assume a normal distribution curve."