From Schwab: [IMG] This is usually taken as a bearish contrarian...

From Schwab:



This is usually taken as a bearish contrarian signal. And it was a major headline grabber on Yahoo Finance.

AAII data is not nearly as bullish:



The previous week, the AAII data was at extreme bullish levels often seen around market tops - but that is now being worked off without a market plunge.

The extreme readings on the Put/Call Ratio I showed last week have also been worked off without a market plunge. The American market hasn't really gone anywhere in the past week (up +0.22%).

So - maybe it's a case, once again, that when people become aware of an indicator - it stops working?

Redbacka