The sentiment in the US stock market is extremely pessimistic according to @KobeissiLetter. In the week ending April 9, 58.9% of individual investors expressed a bearish outlook on the market for the next 6 months, a slight decrease from 61.9% the previous week, according to the AAII survey.

This rate approaches the peak level during the bear market of 2022 (60.8%) and the 2008 Financial Crisis (70.3%). Notably, the percentage of pessimistic investors has remained above 55% for 7 consecutive weeks—matching the record set since 1990. Even during the 2008 crisis, such a prolonged pessimism was not recorded.

The pessimistic sentiment is at an unprecedented level in history, and history also shows that major pump events often occur precisely when the fewest people expect them.