The UBS Investor Optimism Survey was released today and continues to point to extremely bearish investor sentiment. This contrarian indicator, coupled with record high short interest on the New York Stock Exchange, show the upward potential this market continues to have. According to the UBS Survey, investor optimism hit its lowest level since May 2003. The above chart shows how the S&P 500 has performed since then. The index has risen nearly 33% in just two years.