From The Pragmatic Capitalist:

State Street released their Investor Confidence Index for October 2009 which tracks the current level of institutional bullishness or bearishness.

According to State Street the index was “developed through State Street Global Markets’ research partnership, State Street Associates, by Harvard University professor Ken Froot and State Street Associates Director Paul O’Connell, the State Street Investor Confidence Index measures investor confidence on a quantitative basis by analyzing the actual buying and selling patterns of institutional investors.”

In other words, it uses money flows to gauge the level of bullishness displayed by institutional investors. Over the course of the last two months investors have become substantially less bullish...

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