They have managed so far, and the exuberance meters are not reading off scale yet....give me a "corrected " equity P/C ratio in the .35/.37 area, or an uncorrected equity P/C ratio in the .42 or lower, then I'll start and see excessive exuberance, right now, far from it and we are only 42 Naz points from the recent high. Better yet, give me few weak groups so that new lows start and inch above the 35/40 level. Right now, I still see "clear sailing" and only occasional retrenches contained at 1842 (that may rise to the 1865 level by the end of this week if everything behaves itself....<g>).
