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OPTIMISM DISAPPEARS -- AAII

Bullish sentiment among individuals declined and bearishness was "unusually high" in the latest weekly survey of investor sentiment, the American Association of Individual Investors said.

Expectations that stock prices will rise over the next six months fell 7.6 percentage points to 31.7%, below their historical average of 37.5% for the first time in five weeks.

Bearish sentiment, reflecting expectations that stock prices will fall over the next six months, rose 7 percentage points to 43.6%. Bearish sentiment is unusually high and is above its historical average of 31% for the 15th consecutive week, the AAII said.

The group also asked members how they would describe earnings guidance for the just completed first-quarter reporting cycle. The survey showed 51.9% of AAII members thought they were better than expected.

(Colin Barr)

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