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The latest results of the Investors Intelligence newsletter-writer survey are as bearish as they've been since October of 2002. 36.3 percent of respondents are bearish, up from 35.6 last week.

As a Bloomberg story which quotes Ticker Sense's own Paul Hickey explains, this isn't necessarily a horrible sign:

Analysts such as Hickey, who try to predict stock moves based on statistics such as price patterns and volume, often track investor sentiment as a contrarian indicator. A rise in bearishness or a decrease in bullishness may be signs that stocks are poised to advance because investors who view the market unfavorably may have already sold shares.

After all, the low point of October 2002 turned out to be the harbinger of a bull market and economic boom.

Source: High Bearish Sentiment - A Bullish Sign