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Briefly Noted

Elevated Investor Pessimism

Our Sentiment Survey caught the attention of many market participants in early July. Bearish sentiment, expectations that stock prices will fall over the next six months, reached 57.1%. This was the 15th highest level of pessimism registered by the survey since it began in 1987.

The State Street Investor Confidence Index also displayed historically high levels of pessimism. The June 2010 reading for the index was 89.7, the fifth-lowest reading since the survey started in 2003.

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