I’ve shown this chart several times over the past year, but its worth repeating: The Street remains very bearish by historical standards.
Note this is not at all a short term indicator; and does operate with a bit of a lag.
Strategists Most Bearish on Equities since 1985 (August 1st, 2012)
Equity sentiment ticks up in March
Savita Subramanian, Dan Suzuki, Alex Makedon, Jill Carey
Merrill Lynch, April 1, 2013