Later, I was a bit surprised to note that one of my favorite measures of investor sentiment was indicating more indecision than ever. The American Association of Individual Investors (AAII) surveys a subset of its members every week and asks whether respondents are bullish, bearish or neutral on US stocks for the next six months. * AAII Bull Ratio is the percent of bulls over the percent of bulls plus percent of bears. Source: American Association of Individual Investors (AAII). yardeni.com AAII Sentiment Page 5 / March 13, 2020 / Stock Market Indicators: Bull/Bear Ratios www.yardeni.com Yardeni Research, Inc. AAII Sentiment Indicator. The American Association of Independent Investors (AAII) Investor Sentiment Survey measures the percentage of individual investors who are bullish, bearish, and neutral on the stock market for the next six months; individuals are polled from the ranks of the AAII membership on a weekly basis. On the chart the central

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