Chart courtesy of decisionpoint.com
Investors Intelligence Advisors Sentiment. This survey has been widely adopted by the investment community as a contrary indicator and is followed closely by the financial media. Since the inception in 1963, the indicator has had a consistent record for predicting the major market turning points.
According to the II website, ..."The Advisors Sentiment report surveys the market views of over 110 independent investment newsletters (those not affiliated with brokerage houses or mutual funds) and reports the findings as the percentage of advisors that are bullish, those bearish and those that expect a correction. The report has been widely adopted by the investment community as valuable anecdotal evidence as to extremes in investor confidence: conditions which are often seen at major market turning points."...