On the margin the large number of share repurchases announced yesterday is bullish. It is especially bullish for the financial sector, where the repurchases are set to occur. Many investors are underweight financials, so the potential for outperformance is there. The other side of the argument is that these stocks have run a long way in anticipation and in reaction to the news, so a decent pullback is a possibility even inan intermediate term bullish scenario.
While I acknowledge that yesterday's news was an incremental positive, my view of the market has not changed because the market is now even more stretched. I try to always point out both the good and the bad even if it does not jibe with my positioning. I don't want to fall into the trap that many do of only looking for data that supports my view. My style is not to chase extended moves and i don't want to veer from that either.