It took a long time before individual retail investors were even mildly bullish before the big drop, but now they are “flat out BEARISH”. Since every major turn down into a bear market has been precededed by a long period of increasing optimism ultimately ending in euphoria, it was unusual as this analyst points out that just before the recent drop from the January 26th 2018 high, the “little guy’s”were just beginning to become optimistic. Not eurphoric, but getting “comfortable” as explained below. Perhaps now they are virtually absent as they were when this chart below appeared in 2017: – R. Zurrer for Money Talks

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