Here is a chart of the American Association of Individual Investors bullish (green) and bearish (red) weekly sentiment reading. The chart comes courtesy of DecisionPoint.com (subscription required, but I think it is worth it!)
The latest bearish % is 56%, a level which has only been equaled or surpassed over the past 4 years by the bearish % at the June 2006 low and the March 2003 low. Both of these instances were followed by strong advances as you can see on the S&P bar chart above the sentiment bars.
This makes me even more confident that new bull market highs lay ahead.