As of January 12, 2017, bullish sentiment among AAII members stood at 43.6%, down 2.6-percentage points from a week ago. This is now the 106th straight week that bullish sentiment has been below 50%. A post from Schaeffer’s Investment Research notes that this is only the second time in the history of the AAII Investor Sentiment Survey, dating back to 1987, that there has been a streak of this magnitude. According to Shaeffer’s Quantitative Analyst Chris Prybal, the last such streak took place from January 1993 until early 1995. The post looks for parallels between the two streaks and discusses the performance of the S&P following the previous streak.