I agree with everything you say but the market does not agree with either one of us.
"A correction of the SP would only be an irrational over reaction of the market" Right. This happens all the time and it is likely to happen here as well. If you plan on it it could work to your advantage.
Men fear thought as they fear nothing else on earth -- more than ruin, more even than death. Thought is subversive and revolutionary, destructive and terrible, thought is merciless to privilege, established institutions, and comfortable habits.(Russell)