How Bearish Should We Get?

The market's job is to get you looking the wrong way, and to try to get you to do the exact wrong thing at the exact wrong time. It wants you to short when you should go long, and it wants you to go long when you should be shorting. Back in November, I began leaning bullish, but hesitated to commit to a long-term bull outlook until January, when I became exceptionally bullish -- probability the most long-term bullish I've ever been publicly. My updates were all about the rally continuing to new highs -- and the signs of strength I was seeing. Nobody read the darn things.