Getting Dangerous

I am still constructive on this market, and expect all dips to be buying opportunities.  But the easy dip buying money is gone.  The dips going forward will be trickier, probably deeper, and won't bounce back so quickly.  The market is getting saturated.  The longs have been gradually adding exposure and eventually that will weigh heavily on the market when the potential investor supply dries out.  I am expecting the sell in May and go away crowd jumping the gun and selling this month.  I am already looking forward to the FOMC meeting three weeks away, on April 25.  I expect nothing from Banana Ben and that should disappoint the crowd.   That could be a catalyst for longs to capitulate and form a bottom for us to run higher into the summer.