Pessimism is easing among institutional investors according to State Street's sentiment index which is up five points this month to 91.6 from February's 86.6 (revised). State Street reports net buying of equities by real money investors. Still, the index remains significantly below the 100 level where readings above which signal appetite for risk.
Right now, instead of appetite for risk, there continues to be demand for safety especially in North America where the reading, though up 8.7 points this month, lags badly at 89.5. European investors are tilting toward risk at a reading of 100.6 with Asia at a defensive 94.5.