U.S. stock exchange traded funds were set for a slightly higher open on Wednesday in a light day for economic data. SPDR S&P 500 ETF (NYSEArca: SPY) rose 0.2% before the bell after Italian bond yields declined following a debt auction.

Advisor sentiment improved in the latest week along with equities, Investors Intelligence reported Wednesday.

The number of bulls in the survey climbed to 50.5% from 48.4% the prior week — the highest level since early May.

“Indexes were all higher then and that higher reading was a danger sign that new funds for further investors would be hard to find,” Investors Intelligence said. “Sentiment is now becoming a worry with the bulls above 50%, although most tops show them near 55%. Many advisors now mention index tests of their 2011 highs. That could see even more optimism, and of course increase our concern.”

Meanwhile, bears fell to 29.5% from 30.5% last week.

“The difference between the bulls and bears was +21.0%, up from another week ago but not close to the spread near +30.0% in July and well above there last spring,” the newsletter service added.

Here’s a look at the other top ETF stories making the rounds online this morning:

Full disclosure: Tom Lydon’s clients own SPY.