A horse walks into a bar. Bartender asks, "Why the long face?" In the stock market, there are more long faces recently:
(1) The Investor Intelligence Bull-Bear Ratio fell for the third week to 2.15 this week after climbing to 4.43 three weeks ago—which was the highest reading since February 5, 2018 (chart).
![](https://www.yardeniquicktakes.com/content/images/2024/04/gateway-96.png)
(2) Turning to the AAII Sentiment survey (as of April 18), pessimism surged among individual investors about the short-term outlook for stocks, while optimism and neutral sentiment both decreased. The AAII Bull/Bear Ratio fell from 2.23 during the April 2 week to 1.13 during the April 18 week (chart).