Now that the S&P 500 is up 80 points in two weeks it seems that everybody is suddenly a bull. It is not a coincidence that this is happening just as the market is registering as overbought. Humans have a herding instinct. There is power in numbers and this herding instinct likely helped man survive in the wilderness thousands of years ago. This primal instinct does not help in markets.
I too feel more bullish than I did two weeks ago. However, I realize that I am just an overgrown primate and that this is probably not an instinct I want to follow. I am holding tight as we are still oversold in the intermediate term but I am not adding to positions up here. If we get a few days of corrective action I believe it will represent a better risk/reward. Have a good night.