As a reminder, as skeptical as you might be, do not get in front of this market. If you cannot buy into it, wait for it, but do not short it with all the liquidity being provided directly to Wall Street from the Fed.
Having said that, this market is thin, and weakly held. On an event it could drop precipitously. It is giving off many topping signals, and signs of instability. Bernanke's Fed is fighting it with billions in liquidity given to the banking system. Unfortunately this money is not finding its way to the real economy, but is largely consumed in bonuses, lobbying, disguising corrupt balance sheets, and speculation.
Dangerous fast market conditions can develop quickly in response to some trigger event in these types of markets, as a result of the reckless and irresponsible fiscal and regulatory climate in the US.
