What is surprising is the large difference between the confidence of institutional investors versus individual investors, according to the International Center of Finance at Yale University survey. There is some lag with the data. The most recent data comes from May, yet it shows that institutions are very bullish while individuals are moving in the opposite direction, albeit recent data has demonstrated improvement. While this data shows unusual behavior in the last year, the gap is surprising. Nevertheless, this survey data with information on valuation suggests that the market can go higher - expectations are not discounting higher valuations
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