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Bearish Sentiment Spikes To 1-Year Highs (But It's Not What You Think)

“Bearish” sentiment, according to the American Institute of Individual Investors (AAII), is spiking here, but as BMO’s Brad Wishak notes, “it’s not what you think.”

This is interesting, Wishak notes, because bearish readings typically spike at market lows (for example the highest reading ever was 71% bears at the ’09 low) and hence this is typically used as a contrary indicator.

 

The question now being, is the old play book out the window with BEARISH readings spiking with stocks at all time highs? 
 
Are BEARISH readings now actually BEARISH? Is that even possible?

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