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The contrarian investor sentiment survey from the American Association of Individual Investors saw a further decline in the level of bullish sentiment this week. AAII reported the bullish sentiment level decline to 23.9% versus last week's reading of 31.3%. The bull/bear spread also turned more negative at -28% versus last week's reading of -21%. As this is a contrarian indicator, individual investors have a tendency to become the least bullish at market bottoms.