On a bullish note, Mark Hulbert feels that the capitulation among market newsletters may have already occurred:

Consider readings of the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average stock market exposure among a subset of short-term market timing newsletters tracked by the Hulbert Financial Digest. Last Friday, the HSNSI dropped to minus 30.1%, very close to its lowest level in over six years.

Besides Friday, the only other time over the last six years when the HSNSI got any lower was at the market's mid-April low, and even then it was only barely lower. The index then dropped to minus 30.6%, and a nearly 600 point rally in the Dow Jones Industrials Average ensued.

This, of course, is a bullish signal from a contrarian point of view. If everyone has already pulled there money out of the market (or shorted it) then the selling is over, and we go up.