>>>can't see any short term reason not to be 100% long.<<
I think retail got hosed today. The non high profile stocks are being hit hard. The NYSE is showing 21 stocks down for 11 up. And, the nas is showing 20 down for 11 up. The move today drew in retail buyers and the big money gladly unloaded on them. I see every reason not to be very long. I neutral position is best IMO. Personally I'm bearish in financials and homebuilders.
The Intel news today was good news for Intel and potentially for some other companies in their space. However, I believe the market must start looking at evaluations, specifically todays P/Es vs. historical averages. Even Intel is pricey here at a 50 P/E despite the 5% increase in guidance.
We've had a 60% run off the October lows with no real pullback. Any big piece of bad news could easily get the ball rolling to at least get us back to historically average P/Es. I think the recent weakness in the S&P may be a sign of evaluations coming back into the forefront. This could come as a shock to folks in the face of this good news.