Bullish Sentiment At New Lows (SPX)

According to the American Association of Individual Investors, only 21 percent of respondents have a bullish outlook for stocks over the next six months.

This is the lowest weekly reading since a March 2009 level of 19 percent, when the S&P 500 (SPX) collapsed to a 12-year low of 676 and began a rally of some 50 percent.

The individual investor is likely shaken after the dot-com bubble, real estate bubble, flash crash, and overall distrust of Wall Street.

However, when the individual investor is overly bearish, that usually marks a short-term market bottom.

So, don't be shocked if a violent rally ensues in the next few sessions.