Gyroscopic Investing

I don't know how well this works as a contrarian sentiment indicator, but it is interesting to watch:

https://imx.tdameritrade.com/IMX/index.jsp

It lags actual market movements which is what I would expect from the mup... err Mom and Pop.

I'm not sure how useful a 30-day or so lagging indicator would be.

I think the absolute levels are whats important, i.e. how overbought or oversold.  But the history is rather limited to compare.