Professional investors are at their most pessimistic since before the election of President Donald Trump, despite a bull market that continues to roll along.
The Investors Intelligence survey, which gauges the sentiment of investing newsletter authors, showed bullishness at 47.1 percent, a decline of 2.4 percentage points from last week. That's the lowest level since just before Trump's win back in November and comes as bearishness has risen to 20.2 percent, which is a high since the election.
As recently as July the bulls were above 60 percent, with a 2017 peak of 63.1 in late February. Bearishness had been in a range between 16.5 percent and 18.3 percent for most of the year, but has moved out of that area.
The results come amid growing concern on Wall Street.
The switch in sentiment also comes as the S&P 500 has risen nearly 11.5 percent and has even managed to eke out a gain in September, historically the market's worst month. Stocks have pushed higher this year amid a backdrop of stronger corporate earnings, decent if still unspectacular economic fundamentals — and sentiment that Trump's policies would be market-friendly.