The top callers saw more new highs today. The shorts must have stayed in Davos, because they are totally and helplessly lost. Unempowered. Greece never left the Eurozone, the fiscal cliff came and went as we kick the can, and China isn’t going to have a hard landing. Those three things were basically the short sellers stew and it never even came to a simmer. The Street thinks “the Sequester” is a new board game, as it flips the bird to the tired old troglodytes in Washington.
The serial “guessers” are out in force, they have been for about a hundred handles now. They are in a corner, embarrassed to come out of hiding. The market will eventually pullback, and in their brazen pomposity, they will think that none of us will remember their fact-less based prognostications. They will go back on the airwaves, and the hosts and co-hosts will bow at their alter. The cycle never changes. I’m rooting for them.
Just “being up too much” isn’t a reason to call a top. Just like “being down too much” isn’t a basis to call a bottom. The market is smarter than all of us, it always has been and always will be. The market will decide when its time, not a suit trying to rationalize his retarded freaking PEG ratio.
Enjoy the top. This market is amazing.
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