As market wobbles, mom-and-pop crowd gets nervous

Trader on the floor of the New York Stock Exchange.
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All the recent big up and down days in the market have thrown a scare into mom-and-pop investors.

The most recent reading from the American Association of Individual Investors weekly survey showed market pessimism hitting 30.9 percent, its highest level since Aug. 7. That represents the amount of investors who believe the stock market index will be lower in six months.

Pessimism has been the rule recently as the market has seen a series of triple-digit swings by the Dow industrials and the S&P has come off its record high by 3.5 percent. AAII bearishness has risen 7.9 percentage points over the past two weeks.