Overwhelming Negativity among Investors Suggests a Short-Term Move Higher

7/25 - "Now, the tens of readers who have followed this blog over the past few years might have the impression that I am a perma-bear, given my general negative tone since I began writing Running of the Bulls. I am a cynic and skeptic - how could you not be when you work in the financial services industry? - but I do not live in a perpetual state waiting for imminent doom."

"I have been structurally bearish on the market for the past decade but have taken opportunities on the long side when presented. I think one of those opportunities is now. I have eliminated my remaining small short position in REITs through the sale of the ProShares UltraShort Real Estate ETF, ticker SRS, and have been buying the ProShares Ultra S&P500 ETF, ticker SSO. I do believe we are in a bear market, and will be in one for a while, thus this is a trade and I have placed tight stops u...