DX I would be careful to short this market. the market is not cheap but not expensive. the fed has signalled it wants to keep the rates low, they could have even done a small amount of tapering yesterday and they passed.
low interest rates are huge. just look at how cheap most companies can borrow at, that is huge. Many companies have matched or beat esitmates, but they often fall on revenues.
does the revenues improve, eventually they have to, however comapnies can cut costs. and also they can borrow so cheap and buy back shares, this helps a great deal if you back back 5-10% a year.
of coarse we may have companies to much in debt by doing this down the road, another discussion. hard to be overly bearish when rates are so low, and the central bank is in no rush to raise them.
a 5-10% correction would not shock me, but the bull market is still on......until they ring a bell...lol.
thanks
selkirk