Weekend Sentiment Review

This post should have gone up over the weekend, but for some reason didn't get posted. In any case, here is a look at where the sentiment indicators currently stand. Remember, back in October these indicators were pointing to extreme bearish readings and that was one of the reasons I was so bullish back then.

• The bull/bear spread in the Investors' Intelligence survey is up to +34 (56% bulls, 22% bears); it was +43 at the start of the year
• The spread in the AAII survey is up to +31 (50% bulls, 19% bears); this is still down from July's reading of +44
• The bulls on Market Vane are up to 70%
• The Rydex Ursa/Nova ratio is still low at 0.23
• The Specialist Short ratio is still very low at 0.17

So the investor surveys are showing more bullishness, that much is certain, but the market based indicators still show a healthy dose of skepticism remains. I don't think most investors are "all in", as they say in poker. So I am still maintaining my bullish bias, even as we have rallied considerably from the October lows.