Party like it’s 1999!

The futures hit new contract highs and the indexes hit new highs and there was a large number of stocks hitting new 52-week highs. I’ve been here before…in 1999! CBOE Equity put/call ratio today hit .35 – you have to go back ten years to find a lower closing reading. The cumulative TICK on the Nasdaq hit an all time high, never ever seen before.

So what did I do? I’m giving this market enough rope to hang itself. Something is going to trigger a down move…maybe Greece, maybe interest rates, maybe a missed earnings report. Whatever it is, this cannot continue. I picked up more on the short side and cashed out half my long positions. I’m now cash/long/short at 50/10/40%.

Besides the great earnings reports we had today, there was news that hiring is picking up. INTC said they would add 2000 people, and JPM to hire 9000. So if some other companies can come up with another 9,989,000 jobs, we should be in good shape!

And read up on some of the other encouraging news:

US home loan demand slumps to lowest in 3 months

Optimism at Small Businesses Falls

Lehman Brothers Was Insolvent Well Before Bankruptcy, but amazingly all fed officials admit that their biggest mistake in this whole crisis was NOT saving LEH…the one thing they did right in this mess, they now wish they hadn’t? What the $%@&*!