From Bloomberg

The highest pessimism on record among U.S. investors suggests the S&P 500 will rebound after sinking to a 12-year low this week. The American Association of Individual Investors said 70.27 percent of investors were bearish as of yesterday. That’s the highest reading since the index’s creation in 1987.

The AAII index measures sentiment on U.S. stocks for the next six months among individual investors. Its prior peak of 67 percent was set in October 1990, when the S&P 500 closed at 305.74. The stock benchmark then surged fivefold through 2000.