Last week I posted the results of the NAAIM weekly survey - What Are Other Investment Managers Thinking?
For those not familiar with the survey, the National Association of Active Investment Managers (NAAIM) publishes a weekly sentiment indicator designed to measure the current market exposure of association members who based their investment strategies on active management. NAAIM has been gathering data and plotting the index since July of 2006.
Looks like most NAAIM members have become very bearish on the market and now have begun to short it. This week's level is 4.18%. For reference, last quarters average was 66.99%.