The weekly data is out and the % bulls climbed to it's second highest level in 5 years. The weekly data shows % bulls currently stands at 57.60 (highest in 5 years was 58.96). This is an increase of 9.4% over last week's reading of 48.20. The % bears dropped from 29.80 to 28.50 over the past week. There are currently 2.02 bulls for every bear. Sentiment is based on a six month view of markets and has correlated very well with the SPX as shown below. It correlates far better than Investor Intelligence data in my view.
So if anyone tells you the markets are too pessimistic just smile at them politely and say OK.
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