Thus, a reading above 50% for bullish sentiment would be one standard deviation above average and a readingof 41% for bearish sentiment would be one standard deviation above the average.
Even with the decline, bullish sentiment is just slightly beyond one standard deviationof its historical norm, making the current reading atypical, but still not an outlier.
Pessimism not only stayed at its lowest level since December 23, 2010, it also remained at a reading that is more than one standard deviation below the historical average of 30%.