November 20, 2025 - AAII Sentiment Survey: Pessimism Draws Back
AAII Sentiment Survey shows rising optimism as bearish sentiment falls but remains elevated. See how investors view market concentration in mega-cap tech.
Pessimism among individual investors about the short-term outlook for stocks decreased in the latest AAII Sentiment Survey. Meanwhile, optimism and neutral sentiment increased.
Bullish sentiment, expectations that stock prices will rise over the next six months, increased 1.0 percentage points to 32.6%. Bullish sentiment is below its historical average of 37.5% for the fourth time in six weeks.
Neutral sentiment, expectations that stock prices will stay essentially unchanged over the next six months, increased 4.6 percentage points to 23.9%. Neutral sentiment is below its historical average of 31.5% for the 70th time in 72 weeks.
Bearish sentiment, expectations that stock prices will fall over the next six months, decreased 5.6 percentage points to 43.6%. Bearish sentiment is unusually high and is above its historical average of 31.0% for the 51st time in 53 weeks.
The bull-bear spread (bullish minus bearish sentiment) increased 6.5 percentage points to –11.0%. The bull-bear spread is below its historical average of 6.5% for the 38th time in 42 weeks.
This week’s special question asked AAII members how they view the current level of market concentration in mega-cap technology stocks.
Here is how they responded:
It’s a major risk that concerns me: 37.5%
It’s somewhat concerning, but manageable: 33.2%
It’s a natural result of strong business fundamentals: 13.6%
It creates good opportunities in other sectors: 13.2%
Not sure/no opinion: 2.1%
This week’s Sentiment Survey results:
Bullish: 32.6%, up 1.0 points
Neutral: 23.9%, up 4.6 points
Bearish: 43.6%, down 5.6 points
Historical averages:
Bullish: 37.5%
Neutral: 31.5%
Bearish: 31.0%
See more Sentiment Survey results.