Investor Sentiment Is The Lowest Bearish in 25 Years

The Schaeffer's investor swentiment says that bearish sentiment is at 2-year lows:

The bearish sentiment has only been this low 3 times in the last 25 years. The index is obtained from weekly surveys of about 150 market newsletter writers.

So, people feel very confident. Some people use this as a contrary indicator as the "majority of investment advisors tend to trade with the prevailing trend." Others say it is a lagging indicator. Clearly, most everyone is long. Investor beware, as trading volumes are very low.