Investors Intelligence Back In Neutral

The Investors Intelligence survey is squarely back in neutral territory with bulls slightly above 41% and bears slightly below 30%. Extreme bullishness tends to have bears around 20%. The market topped out in August with bulls in this area but it is typically not a great sell signal. I suspect that this did not fully take into account the breakout on Monday, so the number of bulls will likely be higher next week.

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