Nobody likes to buy into a market that's making new highs. People like to be IN a market that's making new highs. We're pretty much at a top right now, and people are going to want to see a good-sized correction at some point before jumping in again.
If we see a Fed that looks or smells like in any way that they'll take their foot off the pedal, you'll see a market that's really going to take off. If that doesn't happen, you'll definitely see a bit of a pullback here, though I think there's enough upside bias to keep it realistic.
What we've seen is a definite shift toward professionals, skilled professionals. That was a market that didn't really exist as much in Vermont five or 10 years ago.
I think this is one of those times where it's hard to be bearish. We're still in a market that can easily fall prey to all kinds of intraday activity, up or down, but I think we have room to go higher over the next two to three weeks.
I probably have 30 or 40 market timing indicators that are sentiment based.