Stunning to watch the precipitous decline in the closely tracked American Association of Individual Investors (AAII) Investor Sentiment Survey. The February 26 print of 19.4% marks a significant downward move from the prior week (29.2%), suggesting a give-up in investor confidence is underway.

The Eley Griffiths fund manager says all the conditions for an extended rally have been met, except for one. He’s confident that’s about to change.