The weekly AAII survey released this morning showed the first downtick in bullish sentiment (41.28% down to 35.09%) in three weeks. Given the weakness in the broader equity market, the move lower in bullish sentiment is completely understandable.

As equity prices have fallen over the past week, bearish sentiment rose to 35.96%. This bearish reading is within one percentage point of what we saw most of October, so much like the bullish sentiment, it is right within it recent range.

More investors are sitting in the neutral camp this week after the past two weeks saw essentially no change. While not drastic by any degree, investors leaving the bullish camp this week is certainly reflective of the increased uncertainty in the markets.