Some smart people look stupid from time to time. Conversely, some stupid people look smart every once in a while. The same goes for investors and take your pick which one applies to me - I won’t be offended. But lately, I hear all the happy talk about private equity deals, IPO’s like NYMEX, excessive bullishness and it’s making some smart people look stupid to me. For instance, I like Cramer (not his style so much but in general I do) and yet, when I hear him whisper on CNBC that this is the “best market he has EVER seen” - it sounds “dum” to me. It’s easy for some stupid people to look smart right now, but that condition is short-lived. Try not to buy into what other people are saying or doing at the moment, come up with your own assessment.

The market traded sideways for most of last week and the HEDGEfolios Timing Indicator reflected a moderation to the weakening technicals that I have been seeing for the past few weeks. When I zero out the reversals I did on the REIT signals, the net effect would have been a marginal decline in bullish strength. Overall, the market saw less selling pressure; although not a significant amount of new buying power. I don’t want to come across as a stupid guy sounding smart, so I’ll just say that it was a slightly bullish week.

The rest of this trading week is largely a throwaway given that many investors are already on their way to turkey dinner. However, I will not be taking any additional time off. This is a perfect opportunity for me to do extra research and watch what happens. Every few years, the two days surrounding Thanksgiving are surprisingly volatile. Hopefully, that will not happen and we can return next Monday to an orderly market.