Such an investor mood is often a contrary indicator.

The overall level of short interest often is seen as a sign of just how bearish traders are, and is sometimes used as a contrary indicator.

In this new economic mix, contrary indicators have become common.

If this contrary indicator was ever reliable, it is less so now, market technicians say.

In the old days, the level of cash in mutual fund portfolios was a good contrary indicator of what would happen to the stock market.

That may be important because, at extremes, option activity is a good contrary indicator.

But the university's survey is already beginning to look as though it might have some value as a contrary indicator.

In total, the short position sometimes serves as a contrary indicator.

An investor who interpreted the magazine covers as a contrary indicator and purchased real estate would have lost much of his investment.

Such sentiment is what investment experts call a contrary indicator: if it points in one direction, it means the market may soon go in the other.