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Strategies & Market Trends : MDA - Market Direction Analysis

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To: pater tenebrarum who wrote (11689)	4/21/1999 12:02:00 PM
From: Les H	Read Replies (1) of 99985

Taking that AAII bullish percent figure on face value is meaningless. The graph below charts the survey alongside the market index. What it tells you is that members were most bullish in January, then as the market corrected, bullishness receded steadily. As in 1998, most members missed the secondary top three months latter, last year in July, this year April. decisionpoint.com It appears that on secondary tops, two kinds of people are bearish. Those who correctly timed the move up, and those who missed it and are determined to wait for a correction or major pullback.

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