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LIVE MARKETS-Bulls bounce back

reuters.com · 09/24/2021 09:00
LIVE MARKETS-Bulls bounce back

U.S. equity index futures point to opening losses

Euro STOXX 600 index down ~0.95%

Dollar, gold gain; bitcoin drops

U.S. 10-Year Treasury yield ~1.43%

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BULLS BOUNCE BACK (0900 EDT/1300 GMT)

The percentage of investors with a bullish short-term outlook for the U.S. stock market rebounded sharply in the latest American Association of Individual Investors Sentiment Survey (AAII). With this, pessimism was roughly unchanged, while neutral sentiment pulled back.

AAII reported that bullish sentiment, or expectations that stock prices will rise over the next six months, increased 7.4 percentage points to 29.9%, but remained below 30% for the second consecutive week. This is the second consecutive week and the eighth out of the past 11 weeks that optimism is below its historical average of 38.0%.

Bearish sentiment, or expectations that stock prices will fall over the next six months, slipped by just 0.1 percentage points to 39.2%. This is the second consecutive week and the seventh time out of the last eight weeks that bearish sentiment is above its historical average of 30.5%.

Neutral sentiment, or expectations that stock prices will stay essentially unchanged over the next six months, slid by 7.3 percentage points to 30.9%. This decline follows two weeks of significant increases in neutral sentiment. The historical average is 31.5%.

AAII noted that all three readings are within their typical historical ranges. However, they also said that pessimism remains near the upper end of its range with the breakpoint between typical and unusually high bearish readings at 40.1%.

With these changes, the bull-bear spread narrowed to -9.3 from -16.9 last week nL1N2QJ0PS:



(Terence Gabriel)

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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)