Too many bulls

Too many people are jumping on the Bull bandwagon.

The news is bullish, traders are bullish, gold looks bullish, Cisco has announced dividend payouts, even Warren Buffett is bullish. The only problem is, people turned bullish at major resistance; SPY $113.20. Add the fact that it's option expiration week, and I become even more bearish.

The SPY is WAY above its 20 day moving average indicating the market is too extended. If we close above $113.20 today, tomorrow will have to confirm if there is going to be further upside.

I've also noticed less traffic on the blog when the markets appear bullish, as it is today, and more traffic on days when the markets appear bearish, as it was @ SPY $105.