Quick Embrace

The bulls are out in full force today and I have a hard time imagining we can grind higher with this much optimism.  Hedge funds obviously have come back from the July 4th holiday intent on putting on risk that they took off before the holiday.  I just don't think it will last for long before they change their minds.

The sentiment surveys say there is a lot of bearishness, I just don't see it as much as the surveys say.  I saw a lot more bearishness at the end of May when we were higher than currently.  I remain short.