aaii sentiment index 12312001 thru 07292009
TRANSCRIPT
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08
Bea
rish
Sent
imen
t and
JSC
O P
ain
Inde
x
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
S&P
6 m
o. fw
s pe
rfor
man
ce
AAII Bearish Sentiment Bearish Sentiment + 2 StdDevCurrent Bearish level in relation to period reviewed Normal BearishJSCO Pain Index (S&P weekly data) Avg PainS&P 6 months forward performance 100 per. Mov. Avg. (AAII Bearish Sentiment)
Maximum bearish sentiment in 21 years
In 2002, 2004, and 2005, bearish sentiment was nearly as high as it was in March 2009; 6 months later (as indicated by the black dots), share prices rose higher.