With the market resuming the rally during the past few weeks, investor sentiment continues to shift back toward the bullish camp.

The AAII Sentiment Survey experienced an unusual update, as both the bullish percentage and the bearish percentage increased last week.

The bullish percentage moved from 39.7 percent to 40.5 percent, while the bearish percentage jumped from 21.1 percent to 26.6 percent.

The ratio declined from 1.88 to 1.52, but the four-week moving average rose to 1.62, the third straight week that the moving average has increased.

Knowing that the AAII survey is based on individual investors, I am guessing the situation in Ukraine played a big role in the bearish percentage jumping.

I say this because individual investors tend to overreact to political events more so than do the institutions and professional traders.

The 21-day moving average on the CBOE Equity Put/Call ratio has slipped back down under the 0.60 level in the past few weeks, and it slipped to 0.579 on Thursday.

The CBOE Volatility Index (VIX) has been hovering down between 12 and 20 for almost two years now.

Sure the indicator has breached the 20 level a few times, but it hasn't closed a month above 20 since May 2012.

The last time the indicator stayed this low for so long was back in 2007, right ahead of the credit crisis that started late that summer.