"Something doesn't seem right". My sentiments exactly. My FA, TA, and sentiment readings all have the bubble bubbling along for a few more months. Unfortunately, the NASDAQ isn't paying attention. Good news is now bad news, rather a quick change in market sentiment. About the only encouraging sign is that the CRAPS (Companies without Revenues and Profits) are holding up well, considering. I just can't see the stock markets dropping with the S&P p/e dropping from the Stratosphere into the troposphere and the economy expanding however lame it is.
However, not going to argue with the stock market and going to put stops in on my swing positions. I think it is better to get stopped out with minor profits if it comes to that. Can always rebuy. I believe the rule is, "when in doubt get out."
It wouldn't surprise me if there is a whipsaw in this but I'm not sure enough to put money on it now. My tech exposure is pretty light so so far it hasn't been too painful.
I haven't seen anything this weird in a long time.