"Essentially we have a very flammable condition and sparks could happen anywhere. I mean, just look at gold and look at the rest of the commodities. You can see silver and gold going up every day; gold at $1,350; we have this mortgage foreclosure issue that could be the next spark; there are earnings coming through strong but those are a lagging indicator; we still have European debt problems in the PIIGs, I do not think those have been solved...."
"Markets simply get tired and we've essentially retraced a Fibonacci level from the original decline. This market is acting a little bit tired; it took a long time to break through 11,000; maybe it goes a little more with some euphoria about Republicans winning back the house; however, this is short term."
"I still believe in precious metals mining companies....still like gold and silver even at these high levels.....and I sleep much better at night being generally short stocks rather than long stocks."
BEARX (Prudent Bear Mutual Fund) is around the April low. David Joy of Columbia Management also had interesting views. Watch the Dollar/S&P relationship here for any hiccups, imo.