You are right, for a serious correction we will have to see some expansion of new lows, I think it will come in the next few weeks, particularly since September is seasonally weaker and since August was already so strong. The strength in August was with weak internals, advances on puny volume, lack of strengthening leadership (as exhibited by the new high list in each advance to a new high since the June/July top, essentially contracting and the BP having made a top early in June in the NDX and SPX). Add to that the extremes in optimism as evidenced by the AAII numbers and other sentiment indicators and you have a formula for a possible disaster. Can you have a blow up here, as George has been suggesting for few weeks, sure, do you want to risk of being heavily exposed if the music stops? I don't.
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