CHART OF THE WEEK:

Absolutely unprecedented.

One of these is not like the others…

Seventh highest spike in Bearish sentiment of all time (*38 years of AAII Survey history).

Prior spikes of this magnitude were seen at or near the end of historic Bear Markets.

The 2008 spike came during the core decline of the worst Crash since the Great Depression.

Even early 2003, the final bottom of the three-year Dotcom Bear Market, “only” achieved 57.89% Bears.

We are witnessing 60.60% Bearish sentiment, with the S&P down 3% from its all-time high.

Absolutely unprecedented.

What’s next?

Like everything in this game, I look forward to finding out.

The year is only getting started — and there’s already lots to do.

Thanks for reading.

Onwards and upwards, -MC

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