Investor sentiment in the U.S. stock market has shown a mix of optimism and caution. According to the AAII Sentiment Survey, bullish sentiment has decreased to 37.1% from 41.3% the previous week, while bearish sentiment has surged to 38.6%, marking the highest level since early November 2023. Conversely, institutional investors have never been more bullish, with net long positioning in the S&P 500 exceeding 240,000 contracts, doubling the amount seen in 2021 before the bear market. Individual investors are the least concerned about a market crash in 14 years, with 46% believing there is less than a 10% probability of a crash in the next six months. The CBOE Volatility Index (VIX) has slipped to a more than four-month low at 13.53, indicating lower market volatility. Despite this, the VIX has averaged 15.5 points in 2024, the lowest in five years, suggesting a calm market environment. Additionally, assets under management for leveraged ETFs hit a record $120 billion in November, doubling since 2022, reflecting increased market speculation. The difference between high-risk US corporate bond yields and US Government bonds has also fallen to the lowest level in 18 years, indicating investor confidence in the credit market. The VIX has been noted at 13.99, its lowest since July, and is about to enter a 12 handle, with bids at $10 to cover.