The risk-off mood is reflected in the latest round of investor surveys. But there’s no buy signal from any of them.
What the latest data says
AAII Bull–Bear
- Latest reading sits at the 12thpercentile, with 14.4% more Bears than Bulls (most bearish since November).
- Historically, that zone has been consistent with slightly above-average equity returns over the next 1, 3, 6 and 12 months.
So yes, it sounds bearish — but as a signal it’s closer to neutral.
