After three straight weeks where bullish sentiment topped 50% in the weekly AAII poll, it was back to reality this week. Bullish sentiment dropped in a big way this week, falling from 59.8% back to below 50% to 48.7%. That was the largest weekly decline since November. It’s hard to imagine what would have caused such a big decline this week, but as we have all seen in the last few years, this is a fickle bunch.

In this week’s survey, the bulls didn’t just move down to the neutral camp either. As shown in the chart below, bearish sentiment saw nearly the same magnitude of a move higher that bullish sentiment saw to the downside.