Wednesday's session demonstrated again that a high level of bullishness isn't always a great contrarian indicator or market-timing tool. Another rise in bullishness in Chartcraft.com's Investors Intelligence survey produced barely a ripple in the stock market. Traders were more concerned about company warnings and lowered guidance but even amid that, major averages ended mixed and well off their worst levels of the session. The Investors Intelligence survey showed bullishness among newsletter writers rose to 60.2% from 58.7% a week ago while bearish sentiment declined to a 16-year low of 16.1% from 16.3%. The spread between bulls and the bears is wider now than at any time during the 1990s, according to Phil Erlanger of Erlanger's Squeeze Play. "Such enthusiasm is usually seen after the market hits new highs," Erlanger wrote. "Granted the market is well off of its lows, but the commitment to the market now in force means the vast majority has bet on a hearty economic recovery. Any failure on the part of the economy to strongly improve will be a big problem for the bulls in the long-run." Granted, Erlanger has been skeptical about this rally for some time, as reported here . Interestingly, even some folks previously upbeat about the market are becoming more cautious. On Tuesday, Morgan Stanley strategist Steve Galbraith issued a take some money off the table call. On Wednesday, Scott Bleier, founder of HybridInvestors.com, went a step further, writing about how the rally ends and, by extension, when. To be sure, Bleier doesn't think the market is about to plummet, suggesting quarter-end window dressing -- the legal practice of fund managers buying more shares of names they already own to secure better closing prices for a given period -- will likely keep shares afloat until at least the end of June.