This just hit my email, courtesy of Merrill Lynch's technical research team:
AAII Bulls vs. Bears ratio: lowest since March 2009
Based on the American Association of Individual Investors (AAII) Bulls vs. Bears ratio, individual investors are not believers in the S&P 500 rally to new all-time highs above 1576. The Bulls/Bears ratio is 0.35 and at the lowest level since the March 2009 low of 0.27, so calling individual investors non-believers in the equity market rally is an understatement. This is contrarian bullish and suggests that individual investors are still massively underexposed to equities just as the S&P 500 has joined many other US equity market indices at new all-time highs.The world, it seems, is waiting for a market correction.