A post in the chat room had a guru of note betting against new record highs for the broad averages. I’d still take the other side of the bet, notwithstanding the stock market’s toppy gyrations of late, but I wouldn’t give him odds. I still think that a more satisfying finale for the Great Bull Market Hoax of the last five years would require trapping bulls on a breakout to new all-time highs. Perhaps so many are trapped already that this doesn’t need to occur in order to catalyze a stock-market collapse? Whatever awaits, I will be on a high state of alert, favoring the short side on most trades.
