Let's not worry.

We're in the midst of a fantastic bull run so why ruin it with rational thinking?  Barry Ritholtz used to be a rational guy but now he shills for Bloomberg (#8 on the Forbes 400 with $35Bn) and posts things like “Current Dow rally below average in both duration and magnitude” in order to encourage the beautiful sheeple to keep BUYBUYBUYing what his boss is SELLSELLSELLing. 

I've warned before about how the smart money is leaving in droves while the dumb money piles in.  Back on Sept 8th (S&P 2,010), for example, I wrote “Clear Proof of Massive Market Manipulation“, saying:

It's pretty similar to what happened every day last week, with a high-volume (relatively) sell-off followed by a recovery on almost no volume into the close, giving us the impression that the markets are flat. 

It is unbelievable, as in – something that should not be believed by intelligent people.  When you see a magician on stage sawing a woman in half or levitating – you might be amazed at what a good trick it is but you don't start believing in magic, do you?  What if that magician asks you to bet your retirement on the fact that he is really levitating people or that his assistant can medically be cut into pieces and reassembled?  

You wouldn't risk your money on such obvious fakery, would you?  You wouldn't give your hard-earned money to a person whose job it was to deceive you, would you? THEN WHY ARE YOU PUTTING YOUR MONEY INTO THIS FARCE OF A MARKET?

[Chart by Dave Fry]

I know, I even crack myself up when I read this stuff in retrospect.  Anyway, it wasn't so funny to people who didn't listen to me a month later, when the S&P was at 1,820, down a quick 10%

That was plenty of sell-off for us and we flipped more bullish at the bottom and caught a nice ride up (we're not perma-bears, just value investors) but now the ride has taken us up from 1,880 (non-spike low) back to 2,068, which just so happens to be EXACTLY a 10% move back up.