Individual investor bears make a leap - AAII
Nasdaq, S&P 500 higher, Dow flat
Comm Svcs leads S&P sector gainers; Energy down most
Euro STOXX 600 up ~0.2
Dollar lower; crude off ~2%; gold up ~1%; bitcoin up >2%
U.S. 10-Year Treasury yield edges down to ~4.08%
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INDIVIDUAL INVESTOR BEARS MAKE A LEAP - AAII
Pessimism among individual investors over the short-term outlook for U.S. stocks jumped in the latest American Association of Individual Investors (AAII) Sentiment Survey. With this, both optimism and neutral sentiment pulled back.
Meanwhile, about half of investors surveyed believe stocks are, in general, overvalued.
AAII reported that bearish sentiment, or expectations that stock prices will fall over the next six months, rallied 4.8 percentage points to 25.4%. Bearish sentiment is below its historical average of 31.0% for the ninth time in 10 weeks.
Bullish sentiment, or expectations that stock prices will rise over the next six months, declined 3.6 percentage points to 45.5%. Bullish sentiment is above its historical average of 37.5% for the 49th time in 50 weeks.
Neutral sentiment, or expectations that stock prices will stay essentially unchanged over the next six months, dipped 1.3 percentage points to 29.2%. Neutral sentiment is below its historical average of 31.5% for the 15th consecutive week.
With these changes, the bull-bear spread slid 8.4 percentage points to 20.1% from 28.5% last week. The spread is above its historical average of 6.5% for the 23rd time in 24 weeks.
In this week’s special question, AAII asked its members how they would describe the current valuation of stocks.
Here is AAII's graphic showing how they responded:
(Terence Gabriel)
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AAII10182024 https://tmsnrt.rs/4f9RVmh
AAIISQ10182024 https://tmsnrt.rs/48hdMGb
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