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In fact, it has been more bearish only 15 percent of the time since 1968.
"A lot of people are very bearish, given the recent experience," he said.
But there is also a bearish way to look at the figures.
With food like this, though, even bearish days in the market will have a bright side.
It's been a long time since it was a good idea to be bearish on the American stock market.
At this point, "almost all those who have been around for 20 years are bearish," he said.
But many analysts are still bearish on the industry for now.
Conversely, they say, a large rise in short interest would be bearish.
But the positive implications of the report had little impact on the bearish market.
"The key thing is that people are talking more bearish than their portfolios look," he said.
The bearish case on Japanese banks has not changed much during those seven years.
The bearish term was adopted for the first time since September 1995.
Several other indicators were also somewhat bearish for the market.
Analysts left the meeting feeling bearish on banks, they said.
Actually, there are no bearish fundamentals in the market at this time.
Bearish times found him making more killings selling just the right things short.
"But bond market psychology is most certainly not bearish," he said.
"Today dealers were getting far too negative and short on bearish news," he said.
"The whole sentiment on the dollar is getting bearish now."
When a majority of these services are bearish about the market, that signals it can go higher.
"How do you deal with being bearish in bullish times?"
"Our Bearish civilization will suffer before we bring this one off."
Under this reasoning, a large jump in the short position would also be bearish.
By this reasoning, a decrease in short interest is bearish.
Anyone reading the company's prospectus might have had good reason to feel a bit bearish.