"Wall of worry" still intact

Investor psychology is sufficiently muted to where we don’t have to worry about “irrational exuberance” or excessive greed.

The AAII bull-bear ratio is very close to an optimal reading since there has been an abundance of bearish investors lately and a surprising dearth of bulls.  That’s positive from a contrarian standpoint and is constructive for keeping the stock market’s “wall of worry” intact. [Excerpted from the Apr. 29 issue of Momentum Strategies Report]