The market did not oblige me and instead of correcting further it blasted off. This makes for tougher decisions as we have an even more extended market with strong seasonality right around the corner. I decided to err on the side of caution and move closer to a market neutral stance by shorting SPY in the after hours session yesterday.
There is a nearly unanimous consensus that it simply does not pay to fight the tape and anybody who does is in denial. There is tremendous pressure for managers to keep up with the Dow Joneses. Retail investors need to hear their friends and family say "I own Apple from X dollars". All this adds up to the straight up, performance chase we have been witnessing. This is not the type of mentality that is present during good buying opportunities. I remain patient and willing to miss out until a better opportunity presents itself.