The action today is a good example of why I keep warning about calling tops. Not only are the anticipatory bears getting slammed on their shorts, they are missing out on the long action as well. It is hard enough to keep up with this market if you are long, but it is downright painful if you are fighting it.
We have better than 3-to-1 positive breadth, and CNBC is breathless with excitement over the fact that the DJIA hit 14,000. All major sectors are green with chips, biotech and homebuilders doing particularly well.
I have some decent movers, like CVR Refining (CVRR), Unisys (UIS), Marsh & McLennan (MMC), Home Loan Servicing (HLSS) and KB Home (KBH), but I don't have enough money at work and I'm really am having a hard time finding new buys. I nibbled on Cyrusone (CONE), a recent IPO that I believe will have good initial coverage soon, but I'm a net seller again.
I'm not a big fan of buying the market here, but I'm not going to play that top-calling game. If you are really bearish, move to cash and don't try to be the hero who has a massive short at the exact moment the market hits a top.
