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AAII survey numbers just in. The wall of worry finally took a hit. After weeks of net bearish readings as the market rallied higher, Bears kinda capitulated.
Lowest bearish readings (31.47%) since May 2008 (a bear market rally top). Bulls came in at 47.67%, slightly higher than the 47.56 level seen on June 4th, right before the recent 8%, 4 week pullback within a bull mkt. And similar to the level seen on Jan 8th, a bear market rally top.
Bull/Bear spread now at level last seen in May 2008.
Very interesting. Now we get to see the kinda stuff this bull is made of.
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“the 1929-1930 equity rally lasted 147 days & was 46%. The rally off the March 6th low this year has been 145 days and is 46%”
http://esecfutures.com/