There is just so much confusion right night. Everyone thinks there will be a correction due to the velocity of the market or wants to see a correction to get in. I too am not immune to this confusion as per my 'say when?' post. So I repositioned all of my options to reduce risk while being exposed to an upward movement.
The problem with my 'say when?' post is that its based on the assumption that 88 is the SP500 eps. But what if the eps is really 90? And what if that leads to an 2011 SP500 eps of 96? A higher eps would give even more fundamental credence to the thesis of a new 'trading dynamic' to take place very soon. (And when we look at individual names, we still are not over extended yet. To say we are would mean AAPL approaches 380, or IBM approaches 180 etc)
My recent fear that Mubarak's stubbornness would of caused a tipping point was abated. Albeit, there is still a ton of uncertainty for Egypt, but now the 'systemic?' post still stands (there is none via Egypt).
So here is the gist of what I feel, barring the confusion this post created :)
We are in limbo, w/no systemic risk to the system, causing the big-boys to add positions as they decline. (Because AAPL in the 340s is a steal when you know its high-end range is 390 next quarter, or even 380 for its low end, via a forward trailing PE analysis.) This usually causes markets to rise, and we find ourselves with a new trading dynamic.