In the following 15-year II chart, notice the shift in sentiment in 1995 that continues at present. Before 1995, 55% bears were more common than 55% bulls. There hasn't been a single reading close to 55% bears since, while we've had 13 (now 14) or so periods of 55% or greater bulls. That suggests to me that we have yet to correct the sentiment of the mid-late 1990s.
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