From The Money Game:

... [M]ajor hedge funds aren't bullish.

U.S. retail investors have also been largely sitting out the stock market since the crisis, according to the Financial Times. So retail investors aren't bullish.

Barry Ritholtz at The Big Picture also notes that even Wall Street analysts have 'turned excessively bearish' relative to their usual song and dance. Fewer than 29% of stock recommendations worldwide are 'Buys' according to Bloomberg, which is the lowest level since at least 1997. Even analysts aren't bullish...

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