This morning S&P500 futures traded to a new all time record high. Since the dawn of man, every single call for a market top was wrong. All those negative blog posts, tweets, headlines, news articles telling you to sell your holdings.... wrong, wrong, wrong. What's truly more stunning is the daily fear mongering that persists. It doesn't take long to find an article, a tweet, a headline, that says the stock market is overvalued and is about to come crashing down.
Excuses...we've had a few.
Sounds like the start of a great Frank Sinatra song. Instead it's been this historic bull market that has been inundated with excuses to sell over the last 9 years.
Even three years ago, with the market at record highs, the top was in. Excuses were everywhere!
The Facebook IPO was the top. Then Twitter. How about that ALibaba top?
Ebola, Cyprus, Europe, Greece, Italy, the list goes on and on. Seemingly there are endless reasons to sell, and not a lot of reasons to buy.
What you continue to hear from those 'uber' bears, is that 'at some point' this whole Central Bank infused house of cards will come crumbling down. And you don't want to be in that house when it crashes.
We get the same words at the end of all that bearishly crafted economic data and bubble exhibits.
Some time soon.
At some point.
It's going to be soon.
The Final Wave.
It can't go on forever.
This is unsustainable.
....and yet prices continue to head higher. Amazing. It just can't be. What'a more amazing is those same bearish prognosticators are tooting their horns even louder today.
If this was weather forecasting those following the bearish bloggers and pundits have deployed their umbrellas every single day for 8 years waiting for a rain storm that has yet to arrive.
Every dip is just another chance to call a top.
and what's even worse?
When the market pull back ultimately comes... the worse thing you can do is panic!
Back in 2008 at the height of the financial crisis widely followed market pundit James Cramer told everyone on national television to sell everything and put in under a mattress for 5 years.
Had you done that you missed out on one of the best moves that stock market has seen in our lifetime. It was a terrible thing to say.
Even if the market falls 50% tomorrow it would still be up over 100% from the 2009 lows. And it will present yet another tremendous buying opportunity.
Should you sell your stocks?
Every small pull back is being treated like its the end of the world.
There is a reason the market is heading higher. The money is doing the talking. Not some uber bearish blogger or market pundit. No matter what red arrow they draw on their chart. No matter how well crafted their 100x retweeted article is.
The VIX is telling the story better than any bearish blogger and his/her 100 hand crafted charts can.
The market will pull back. We may even get a 5-10% pull back later this year.
But has the market topped?
But I can guarantee you one thing. There will be plenty more excuses to sell this market. And until we run out of excuses, prices are going to keep moving higher.