The chart below of the S&P 500 says it all….the market can't even find enough temporary weakness to complete a channel. It is clinging to its upper would-be channel line like iron fillings to a magnet. The last dip "allowed" was the one made right when Bernanke gave his Jackson Hole speech. Since then, nothing. Incredible.
I'm currently very, very light in the market – 35% committed – – with a split of about 25% bullish and 75% bearish. I have a number of attractive bullish candidates lined up for Monday morning, since I think I'd like to push this to more of a 50/50 split.
I am avoiding indexes, though. As "bullish" as things seem, I cannot comfortably go long the likes of SPY or IWM with the charts loooking like they do. Individual equities, yes. Broad indexes, no way.