Its amazing how clear the bearish picture adds up at this point. Unfortunately, it's too clear. The American Association of Individual Investors survey data is the most consistently proven contrarian survey data over the past two decades. When they report extreme bearishness, you're at some kind of reasonably significant low. When they report extreme bullishness, you're at some kind of reasonably significant high. As far back as the data set goes, they've never been both extreme and correct at the same time. As of the latest survey (9 EST Thurs), the AAII bull ratio was at it's lowest levels since 2003!! - less than 25% bullishness...It was at about 70% bullishness on the day of the October SPX highs, and about 60% bullish at the Dec highs. I am still bearish, but I'm getting antsy at the thought of the sort of whipsaws and grinding action we're going to have to put up with until that sentiment gets shaken and rewired into selling fuel.