As I prepared for the MarketWatchers LIVE segment on sentiment today, I was surprised to see investors and money managers are getting very bearish. Put/Call ratios show a bearish bias as well. It is important to remember that sentiment is a “contrarian” indicator. It works a bit like the VIX which more of you may be familiar with. When the VIX begins showing climactically higher readings, that is bullish; while climactically lower readings are bearish.