Retail investors are the most bullish in decades:
The 12-month average of the bull-bear spread in the AAII survey reached about 20 points in November, the highest level in 20 years.
Since the beginning of 2023, the gap has surged by about 40 percentage points.
In the past 36 years, the AAII survey has never seen such a rapid increase in bullish sentiment.
This comes after the market experienced one of the best rallies of the century, with the S&P 500 up 54% since the beginning of 2023.
Bullish sentiment is high.