CHART OF THE DAY: There Has Just Been A Big Shift Towards Institutional Investor Bearishness

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Citi’s Tobias Levkovitch is out with a new survey of Citigroup institutional clients.

This chart really caught our eye.

Since the last time the survey was done in Q1, the number of respondents who see a 20% decline as being more likely than a 20% rally has surged. And of course the opposite is true as well.

chart of the day, rally or pullback chart, april 2011