Novac yes a major drop may be around the corner. However, I...

Novac yes a major drop may be around the corner. However, I wouldn't worry about it too much. I can't get out of my head the memories I have of 1987. More and more people were predicting a major top but the markets kept on powering to new highs. When it did eventuate, it took most people by surprise. Granted this time we are not making new all time highs but the procrastination about a major drop is still the same. Prechter of course is a classic. I've used him as a contrarian indicator for years now and done well. Same with Jim Cramer. Of course one day Prechter will be right but we won't know until it happens. My take is I don't know the future, only the past and present. Hence, I trade the here and now, not procrastinate about the future, which invariably we all get wrong more times than we care to admit. Still, I enjoy the XJO thread as it gives me some good pointers in the short term. Many here have made good calls and would be remiss to ignore such skilful traders. I wish I could be of value here too but I'm just an old fart who trades by the minute so I have no longer term view.