Historically when Investment Advisors have become extremely bullish or bearish this has been followed by a substantial move in the S&P 500.   First let's take a look at when the Investment Advisors have become very bearish such that % of Bearish Investment Advisors rises above 35% using a 3 week Moving Average.  Since 1999 this has occurred 7 times (points A) and in each occurrence the S&P 500 has then rallied strongly (points B to C).  As you can see the S&P 500 has rallied from 20% to 47% each time the % of Bearish Investment Advisors has risen to 35% or above using a 3 week Moving Average.  

The last time the % of Bearish Investment Advisors exceeded 35% was in July of 2006 which was then followed by a 20% rally in the S&P 500 through February of 2007.