Good Thursday morning. If you’re a bear, yesterday’s action wasn’t exactly what you wanted to see. The markets opened with sharp losses on a “hot" CPI report, only to see one of the most interest rate sensitive groups…tech stocks/Nasdaq…rally all the way back to close green. It’s not the news that matters, it’s the markets reaction to that news that matters most.

Then, overnight we learned that investor sentiment has gotten even more fearful, as the AAII Investor Sentiment Survey...a survey I’ve voted in since 1988…came in with bears at a MASSIVE 47.3% with bulls at just 28.4%. The S&P 500 is 1% from ATH’s yet nearly half of investors are bearish?

This morning, our friends at Macro Charts picked up on this anomaly too. As seen below, the last 3 times AAII was this bearish in a bull market (now), the markets bottomed and never looked back. 

To top it off, the Fear & Greed Index has fallen to 43 (Fear). Again, the S&P 500 is 1% from all-time highs yet investo...