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There is a general perception out there that one should be positioned as a contrarian to individual investors. However if you look at the chart of the S&P500 over the same period, it's not clear if the retail guys always get it wrong. Certainly a bullish view in 2004 would have worked.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMizkAY8ZDjIhq_8-a0Kxbdil5NWG2MzgnHf4iBFAHfzrHlmX8BWs8Ri9ryfz-FiBHXAbZsEV1fZO_Y_FiLoRbCtuBUIXD6IKsP8IhEyyd9tAJDoiCFi5HcPuSed8vXpaoEdXxOIG441Y/s400/SandP500.gif)
But many argue that the overwhelmingly bearish views this year had kept the equity markets strong, and any sign of strong bullishness from the retail investor going forward is a signal to get out.