Still a mixed picture but underlying skepticism is there

There's not really much new for me to say. I still see conflicting ST indicators but what's becoming clearer to me is that there's an underlying skeptical tone to this market that's not going to go away soon and that's long term bullish. Therefore, any correction we do get is more than likely to not be the start of something more nasty. On  my twitter feed and along with other anecdotal sources of sentiment I don't sense anything at all that would suggest investors in general have been embracing this market. Although there is a segment of the market, i.e. some newly minted retail traders, who have been exhibiting excessive  speculative activity, there is just as much if not more traders/investors who are skeptical. Take AAII sentiment for example which continues to be stubbornly bearish. The following is taken from the AAII website which is a sampling of responses from their members when asked about the new record highs set by the NASDAQ. 

• “The shares of too few companies drive the market’s cumulative results and fail to convey the broad weakness of the economy. I fear this is a formula in the U.S. for a more realistic retrenchment of the overall market. The Nasdaq’s highs appear to be vulnerable.”
• “It’s a bubble. Eventually, the coronavirus pandemic is going to tank the economy and cause a recession. Technology and medical/pharmaceutical companies are hot right now but will eventually take a hit due to the coronavirus.”
• “There is a disconnect between the economy and the stock market. Furthermore, the performance of the Nasdaq is being driven by only a few large-cap technology companies.”
• “I believe that a correction is coming as valuations are too high, but the market will continue to grind higher because of all the Fed liquidity in the market.”
• “The market currently is ignoring the pending liquidity crisis. Eventually, the Fed goodie truck will be empty.”

These responses from AAII members is pretty much what I also see on my twitter feed and I believe is the general consensus view. When the tech bubble of the late 90s was in its final stage you didn't see skepticism like this. You saw people EMBRACE it. You saw people provide justifications as to why the valuations were so high, you saw retail money pouring in hand over fist along with margin debt exploding. Now, I get that there are some people who are embracing this move in the market i.e. the newly minted day traders led by Portnoy and such, but they do not represent what the majority are feeling or doing with their money. So, what could Mr. Market do to make fools of as many people as possible?  I see one of 2 scenarios. Either we keep going up relentlessly with only shallow dips to eventually suck everyone in, or we get a correction severe enough only to wipe out the day traders but not severe enough to satisfy the naysayers. Either way, we are not in a position to see the market fall apart in a big way just yet in my opinion. 

You always got to remember this. The market typically does a good job in discounting all known information. Therefore, acting on any of the common gripes you hear such as the ones above from AAII members, typically will not be fruitful aside from a possible ST hiccup.