Trying to write about the stock market recently is like trying to make a game between the Harlem Globetrotters and Washington Wizards seem interesting. The bears seemingly don't even stand a chance. Many of the indicators I follow have been urging caution to no avail for two months.
From an anecdotal standpoint I have noticed some differences in recent days. Up until now every time the market dipped people were asking if it was the beginning of the correction. When we dipped earlier this week, if you want to call it that, nobody was worried and the only question was how soon to jump in. The bulls have stepped up their taunting of the bears, but I am not certain who they are taunting because bears are few and far between. Fund managers like Whitney Tilson have all but written off short selling and even Nouriel Roubini was sounding bullish on Squawk Box.
The anecdotal evidence I am seeing is just begging for a correction. The market might want to wait until after option expiration so that the February protection expires worthless but I believe we will see some downside in the near future. And now back to your regularly schedule Harlem Globetrotters game.