"Normally one would expect the bearish camp to grow in popularity at the expense of the bullish camp and vice versa. Now, however, the percentage of bearish newsletter writers are near an extreme low while the percentage of bullish newsletter writers are also trending towards the lower end of their historical range. Meanwhile, the percentage of newsletter writers looking for a correction in an ongoing bull market has rarely been higher. These charts are indicative of a confused market. Newsletter writers do not want to stick their necks out to be labeled a bull or a bear in this environment. The fear from a bearish standpoint is that the Federal Reserve or ECB could step in at any moment to put a floor on the market with further quantitative easing. The bulls, on the other hand, have to be worried with the direction the market has headed this month thus far in the absence of further quantitative easing."