So far, earnings season has been solid with above-average beat rates, guidance spread, and positive price reaction. This has certainly played a factor in improved sentiment in this week's AAII survey. Bullish sentiment jumped 6.7% to 38.4%. Though it is still within a normal range, the percentage of investors reporting as bullish is now the highest since early May, when it rose to over 43%. While earnings have likely positively impacted sentiment, we must also note that due to the timing of the survey, yesterday's FOMC decision is likely to weigh little on this