As the market takes a pause from its recent string of new highs, the question investors are pondering is whether it will it resume its march higher, or perhaps turn negative. It's interesting to note investor sentiment has become less optimistic.  According to the American Association of Individual Investors, bearishness among regular folks has just climbed to its highest level in over a year and second-highest in four years.

Bearish sentiment increased by almost 11 points, finishing at 46.5 percent. That's significantly higher than the historic average of 30.5 percent. Bullish sentiment fell by almost eight points to 30 percent. That's below the historic average of 38.5 percent. The AAII survey is often used as a contrarian indicator.

Before considering rotating into "safe haven" investments, investors might instead consider that analysts actually view this as a contrarian indicator.  In other words, sophisticated professional investors actually are more optimistic the gloomier the regular folks get.