That's what I'm thinking. CNBC is telling everyone to buy, buy, buy right now too.
Last time, I said that I was open to a one-day-wonder on the downside, thanks to even more Bulls among newsletter writers and Bloggers. I noted that message board pollees were heavily Beared up, but that they aren't always such a good fade when they get leaning, and in fact, they are uncanny about getting positioned PERFECTLY at market tops. They're pretty heavily short now and we have to accept that such might not be Bullish. Momentum is negative, if only just barely. There's no real Bearishness anywhere, though there may be a few top pickers out there. Were this not such a seasonally strong period with such an accommodative Fed, I'd be super Bearish. As it is, I'm just trying to pick off a quick, short-term decline. I'll not get too terribly Bearish until we turn the trend back down (which could happen pretty quickly).
