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Strategies & Market Trends : Investor sentiment surveys - a technical indicator
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To: Sam Citron who wrote (27)4/5/1997 2:48:00 PM
From: Q.   of 167
 
<< I do not know how AAII determines its number, i.e. whether it is based
on what people SAY or what they DO>>

They mail a questioniare to some members each week, and ask you to check the box (bullish, neutral, or bearish) and put it back in the mail. The next Thursday they report the results, from typically 100 or so respondents. (Around Christmas the response rate gets really small, though, and the statistics aren't worth much then.)

You can see that the survey data is delayed by maybe up to a week due to the use of snail mail. The SI bull-bear survey obviously doesn't have this problem, but on the other hand, it might have some kind of biases in the type of respondent varying from one time to another.
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