Wednesday, July 28, 2004

The Investors Intelligence survey came out with another slight decrease in bullish opinion (the charts are updated on the site), though it is still not even back to neutral territory. On the other hand, the lowrisk.com survey came out with only 14% of respondents being bullish.  This is the 4th-lowest in the survey's history, behind the weeks ended 4/16/99, 9/17/99 and 8/31/01.  In April 99 it lead to a pretty good rebound.  In the other two instances, however, the market entered a final washout stage right afterwards but within 12 weeks the Dow was positive again.  It's difficult to read much into that, but it's another good sign that we're getting at least a few bulls out of the picture. 9:09:38 AM