From Investment Postcards from Cape Town:
In addition to fundamental and technical analysis, it is particularly important to measure the crowd’s sentiment regarding extreme bearishness or bullishness. A convenient tool for this is provided by the Investors Intelligence survey of investment advisors.
According to the latest reading (April 27), 54.0% of advisors are bulls (up from 34.1% in February) and 18.0% are in the bear camp (down from 27.8% in February). As shown below, the last time bullish sentiment was at this level...
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More on sentiment:
Options traders are going crazy long
Bullish sentiment has surged back to previous highs
Another sentiment indicator is soaring to record highs