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Chart showing AAII investor sentiment survey results, with bearish and bullish readings both above their historical averages.

Both bearish and bullish sentiment now sit above their long run averages, an unusual split that Amos Tversky and Daniel Kahneman's availability heuristic helps explain. Vivid geopolitical headlines become the default explanation for market moves they did not actually cause. Tuesday's TSX decline, for instance, came from weakness in technology, telecommunications, and industrials, not oil, while crude and the Canadian dollar both strengthened the same session.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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