Bloomberg asked the above question, and it is a valid one: By certain measures, pessimism was as bad as was during March 2009 lows.
Bloomie looked at the weekly surveys by the National Association of Active Investment Managers, and the American Association of Individual Investors (see charts below). The NAAIM reading was 13.47 — the lowest since March 2009. (Survey responses range from +200 to -200; anything over 100 indicates margin). The AAII survey dropped to 20.9% bulls — the lowest level in 16 months.
Extreme Pessimism Sets Stage for U.S. Stock Rally: Chart of Day
Bloomberg, July 9 2010