The AAII Bull Bear Spread reaches 29.1% last week, close to multi-year high. Particularly, the percent of the investors who are neutral hits 13.95%, the lowest since the 10/9/08 when market crashed to the bottom. And those who are bullish reaches 57.56%, the highest level since the week of 1/12/2006.
Most people in the market are wrong with the trend. When the dumb money has finished entering the market, the top is in. So I call the market topped out last Friday, 11/5/2010.