The American Association of Individual Investors (AAII) weekly survey showed
sentiment deteriorated as oil prices stayed high and the Fed delivered its first
rate increase since 2023. 53.3% of respondents were bearish and 28.8% bullish,
the latter at a one-year low. The bull-minus-bear spread was -24.5%, which AAII
said is "exceptionally low" and marks the ninth consecutive week below the 6.5%
historical average and the weakest level since May 2025. More than half of
respondents report cash allocations above normal; 19.1% say cash is far above
normal.
