evil monday, page-44

The problem here is that there is heaps of cash on the sidelines and in defensive positions waiting to put money to work in the markets. I remember someone on CNBC saying that although he is bearish on the markets, he fully expects the rally to continue to a bullish climax as underperfoming funds starts chasing the market for fear that the bottom is in.
Fear can happen both ways, and the fear of underperformance is a serious one for fund managers.