"Faster than a speeding bullet! More powerful than a locomotive! Able to leap tall buildings at a single bound!"
"Look! Up in the sky!"
"It's a bird!"
"It's a plane!"
Yes, this market -like Superman of yore - is untouchable. There is no use in saying this or that will happen until it does. Overbought, over bullish, over valued, and non-confirming breadth have not mattered, and at this point, saying when these metrics will matter is an exercise in futility. The market should correct sooner than later, but the operative word here is "should". Markets usually do correct unless of course we are ushering in an era of new found prosperity courtesy of financial engineering. And maybe we are! I personally don't drink the "kool aid" and I remain cautious as I don't believe that "this time will be different".
A week after insider sentiment improved to its best level since the week ended August 31, 2010, insiders downshifted as the numerical gap between sellers and buyers widened. Volume picked up, but it will be another week or so before we see a flood of transactions, the result of two big weeks for earnings announcement being tied up."