Two surveys are giving mixed signals. The newsletter survey, Investor's Intelligence is at 15% bears (link). If that was all there was, that would be a big time sell signal. Part two of the story is that the individual investor survey AAII, is neutral with a near equal percentage of bulls and bears (link2).
Individual investors have been steadily selling their stocks and stock funds into the rally. Newsletter bears have gone into hibernation. It may be worth taking a shot at the short side, because of the low percentage of bears on the newsletter survey. However, it is likely any correction will be short and sweet because so many individuals have piled up cash expecting a pullback.
As always, sentiment is just one indicator, and no indicator is 100%.
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