Roger Nusbaum submits: Bear markets? Forget about them. Corrections? Not on our watch! Recessions? No way Jose.
We're going to pop on the open, and keep this party going.
The way I look at things, this type of one-way trade is time to hunker down and get ready for some sort of unwind.
A down day or week or whatever is going to come -- this isn't a bear market call just a reminder that even if we go to SPX 1700 this year it won't be up every single day.
One question I ask rhetorically is that if you were willing to sell into the panic down in February/March, should you also be willing to selling into what might be a panic up? I did not sell into the dip. I do have a stop order or two out there, but I don't expect anything to happen.
It's probably a good idea when the market is at one extreme or the other to think about a fast reversal. For some folks that means placing trades, and for other folks it just means changing the outlook.
Managing emotions and expectations is just as important as what you put in your portfolio. After 21 up days in 24, or whatever the number, that is what you need to do.
There is nothing wrong with skeptically going along for the ride.