×

We're out. Small investor bullishness at 2-year low

Man with computer home
Tetra Images | Getty Images

A monthly study of trading by the retail investor shows the lowest level of bullishness since August 2012.

This reading of more than 6 million accounts at TD Ameritrade has a better-than-average track record for predicting market declines, like a selloff that followed the bearish reading two years ago.

Here's why and what they're selling.