Dangers of The Long Side

Today is a classic example of the danger of buying overextended markets that seem to float forever.  You can get whacked for 20 points in a flash on any kind of bad news.  The Goldman fraud charges are not that big of a deal for the rest of the market, but this market was so complacent that even this bit of news crushed everything.  I expect us to continue trading weak today due to the massive amount of complacency and the lofty levels of the current market.  It is now back to a trader's market, the bears are back.