Dec 29, 2011

More Downside Ahead For The S&P - Retail Investors Generally Bullish

According to the latest survey by the American Association of Individual Investors 40% of US retail investors are bullish and 30% bearish. The numbers are in line with long term averages compiled by AAII(people generally have an "optimistic" bullish bias). Judging by this, equity markets are more likely to experience a pull-back if not a real sell-off when liquidity returns at the start of January. The "Santa Rally" has probably ended.

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