There is no doubt we are in the longest bull market since 2009 when $SPX was <700 to the current >2100 high. Despite all the concerns about rate hikes, economy slowdown, Greece, Russia, and China problems, a monthly chart still tells us that the market is very bullish.
However, the market sentiment starts to concern me. The recent pull back does not lead to lots of fear on the street and the media. In fact, complacency is a signal that market moves down is not done yet. I will be sitting sideline watching.
Anyhow, shorted ACAD at $36.36 and covered at $33.40 today. I am lucky to catch the entire move.
(Disclaimer: nothing in this post should be construed as buying/selling recommendations. The author is writing for his own reference)