Well, Easter Week NOT Boring Me To Tears Anymore...

It seems the S&P 500 has decided to start rolling over and get some people spooked. The break of 1,300 on the June futures side was a psychologically important factor. Coupled with the fact that some important technical indicators are starting to (negatively) diverge, oil is trying to break $70, the Fed doesn't look like it's pausing at 5% (though I think they WILL!), the market seems to have knocked the confidence out of the screaming-head bulls, at least for now. I expect us to retest the SPX 1,275 cash level, which is the 100-day moving average support that so many Americans are obsessed with, before we decide whether this bull market is over, or is set to continue into the summer. Until then, I've got nothing to do, and I am glad I sold my longs last month close to the yearly highs.

One negative indicator I would point to is the proliferation of these inane TV fantasy equity portfolio trading challenges, such as that Squawk Box nonsense -- the interest in that has been immense!! If that is not a sign of a toppish equity market, I don't know what is! Reminds me of the 2000 equity mania all over again. Stay alert!