Why This Market Refuses To Go Down...

...Because there are more buyers than sellers would be the smartass crack. No, it's because earnings are still good, there is just too much money around and people still refuse to believe that the U.S. economy is going to be in trouble soon. One can't argue with liquidity-driven buoyancy. Everyone witnessed that the SPX broke 1,260 the other day on pretty decent volume and threatened to take out the January lows to test an even bigger level down below at around 1,230-20. Yet the bulls simply crawled out again from the woodwork and bid up the market one more time on the back of some solid earnings/guidance out of CSCO (yesterday) and BBY (today). It's tough to be short, but if you can muster the patience you can relatively easily unearth short overvalued single-stock candidates-gems such as AAPL and GOOG, even if the momentum is initially against you. May the force be with you.