From Merrill Lynch's fund manager survey, this is the most bullish thing I have read in some time:
Risk Aversion Reaches New Highs
30 PERCENT OF RESPONDENTS HEDGED AGAINST FURTHER EQUITY SELL-OFF
NEW YORK and LONDON, February 13, 2008 — Institutional investors are more risk averse now than they have been in seven years, according to Merrill Lynch's Survey of Fund Managers for February. About 30 percent of the panel say they have hedged against further falls in equities over the next three months.
Fears over the economy and corporate profitability have stimulated a rise in portfolio cash levels to an average of 4.7 percent, up from 3.9 percent in January. A net 41 percent of fund managers are overweight cash, the highest since September 2001's terrorist attacks on the United States. Investors have a shorter-term focus than at any time since March 2003. Risk appetite has plunged to new lows with a net 40 percent taking a lower level of risk than normal. The FMS Composite Indicator for liquidity and risk has fallen to 31, its lowest level since the survey first tracked risk appetite in April 2001. [Emphasis mine]