Loser bears

Yet another 2 year high today. Bears, who continue to be embarssed so badly are still digging in their heels. The higher the market goes, the angrier and bolder they have been and it's not just recently. It's been going on since the summer of 2009. Mr. Market loves no better than to humiliate those who are wrong and show no respect for him digging in their heels like this...guys like Hussman, Faber, Schiff, Roubini and my fav Pretcther to name a few.

And the funny thing is the media and financial blogs out there still love to quote the opinions of these wrong way bears which shows they are still held in high regard despite being hideously wrong for so long and that to me says that the public is nowhere close to fully embracing the bull market which is a bullish LT sign. Sure, these bears were right about the crash but they were dead wrong about the bull market. Not only that, but they didn't fully capitalize on the crash either having covered shorts far, far too early and some even lost money going long too early playing a "bounce" that never came.

All those correction calls we've been hearing about for over 2 months have been dead wrong. I realize the market is "extended" but I rarely have I seen meaningful corrections begin when so many people are bracing for it and I've been right in saying that it wouldn't happen just yet. Last week there was high put buying every day....not extreme but on the high side considering the market was strong. This to me indicated yet again for the thousandth time since September, top picking behavior from worrywarts and stubborn bears which only ends up adding fuel to the fire. I thought there would have been a little bit more downside follow through after the pullback 2 Friday's ago but that didn't happen...didn't matter though because I wasn't expecting much of a follow through anyways.

Like I said before, I'm not going to concern myself too much about the ST wiggles of the market. Now, if I get the sense that a meaningful correction is indeed immanent I may take action but it won't be a major bet and if in doubt I will remain status quo because I'm still LT bullish and I have a comfortable cash position to allow me to sleep at night correction or no correction. Despite my cash position my account has been on fire with sizable breakouts in tec.to, wzl.to and isc.v all of which are in the Canadian small cap energy services sector. So far so good for me in 2011 but I won't ever get complacent or develop of swell head....even though my profile pic suggests I have one.