The EPC and other sentiment indicators have not given a buy signal (far from it) on the last visit toward 2000. On the other hand, here after less that 100 Naz points rally, the EPC is already down to .60 and if we have another day or two of a run here getting to that 2100 plus area and exuberance run high...then we set ourselves for a drop. As for "why", the market always find excuses, short rates not going up? ah economy too weak. Long rates going up (namely the yield curves moves toward a normal 200 plus basis points differential), ah, we may get inflation or worse stagflation, and so on.
