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OPTIMISM DROPS, ONE OF 60 LOWEST READINGS IN HISTORY - AAII (0900 EDT/1300 GMT)
Individual investor optimism over the short-term direction of the U.S. stock market recorded one of its 60 lowest readings in history in the latest American Association of Individual Investors (AAII) Sentiment Survey, while pessimism rose slightly.
AAII reported that bullish sentiment, or expectations that stock prices will rise over the next six months, fell by 3.6 percentage points to 20.4%. Optimism is below its historical average of 38.0% for the 47th consecutive week. It is also "unusually low for the seventh consecutive week and the 30th time in 41 weeks."
Bearish sentiment, or expectations that stock prices will fall over the next six months, rose by 1.2 percentage points to 55.9%. Pessimism is above its historical average of 30.5% for the 46th time out of the past 47 weeks and is at "an unusually high level for the 31st time out of the last 39 weeks."
Neutral sentiment, or expectations that stock prices will stay essentially unchanged over the next six months, increased by 2.4 percentage points to 23.7%. It is below its historical average of 31.5% for the 23rd time in 25 weeks.
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