Very nice chart from Jason at Sentiment Trader.com on the Bull Bear ratio relative to markets:
Sentiment Trader is an interesting site worth exploring . . .
UPDATE: May 4, 2007 12:35pm
The value of Sentiment as an indicator is that when it reaches extremes, it can provide a good contrary signal.
People tend to get bullish after they buy, and bearish after they sell. So what thy actually do — and then say — can get reflected in these signals.
For a primer, see this report: Contrary Indicators of the 2000 – 2003 Bear Market