Profunds index and sector trading

[otraque]

I have been reading about the growing danger in program buying, which is the fundamental mechanism that now is holding this market together the past month or so .
Those behind program buying are bullish, they ARE always bullish, they never are bearish.( i am not making a sarcasm here, fact, for years going into the bubble peak they were buying and buying and from that point on they were buying and buying, the selling is ONLY for sector rotation.)
They have one premise, if we have cash we MUST BUY stocks and some bonds)---their basic equity allotment stays always in 65-75% range, and they have been maintaining for years now record low levels of cash relative to market history( i think as low as 3%, some are zero percent) .
I brought this up now to show , based on the month preceding, the odds are the 13 point move from 1448 to 1461 in NDX was simply the ALWAYS BULLISH program buying was getting rid of whatever new cash inflow they had.
The dangers of this is another long blah blah blah.