I was reading Rev Shark on Real Money today (He is the only one worth reading) and he is in the same boat as I am. We are defensively postured while the market keeps moving higher. I'm not extremely short, but I'm certainly not fully invested either.
Rev Shark mentioned that he feels that today was all about fear driven buying. People are chasing the big caps out of pure fear of missing more of the upside. Looking at the VIX today it seems that his argument has some validity. Now I'm no market veteran (Did you see the blog title?), but this is the first time I've seen the VIX rise along with the market indicies.
One thing is for sure. These moves are shrinking the record short interest on the NYSE. That is the only way we can finally get a meaningful pullback that is worth buying. I'm just worried that we are going to go so high that its going to cause another bear market and not just a 10% correction.