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TRIN sending bullish signal?

So the Wilshire 5000 TRIN/Arms Index

is approaching normal from its recent lows.

Not much to say other than it's a bullish indicator because it implies that declines in 2010 were caused by a relatively small number of stocks that were heavily traded. And that as the indexes tread water or increase slightly, we're seeing a more normal spread across a large number of stocks, so of course broad-based rallies are "more stable", so the assumption goes.

One possible non-bullish explanation, however, being the increased use of ETFs by non-retail investors, but it doesn't seem to make sense that they would change that much over a few months.

Disclosure: No investments suggested/mentioned