The American Association of Individual Investors (AAII) sentiment survey reveals a continued bearish outlook among retail investors, with the bull-bear spread remaining below -20 for nine consecutive weeks, a streak not seen since the early 1990s. Despite this, retail trading activity still indicates aggressive buying. The survey shows a record of over 50% bearish sentiment among AAII respondents for nine weeks straight, with bullishness dropping to its lowest level since April 2nd. Institutional investors also exhibit heightened bearishness, with hedge funds' long-to-short ratio on US equities falling to its lowest level in nine years, marking the most bearish positioning since 2016. Additionally, a net 82% of investors managing $386 billion in assets expect a weaker global economy, suggesting a potential drop of over 40% year-over-year in the S&P 500 index over the next 12 months. This sentiment reflects the most bearish stance on US assets in three decades.