Why Is Everybody So Happy?

I don't understand it. Dow failed to retake 14000. Nasdaq composite is still under September 2012 highs. And yet everybody is bullish! That's incredible. In my investment book incredible is a recipe for disaster.

I wrote before and repeat again that we have macroeconomic basis for a rally through the first half of the year. So yes, I am bullish too. But such sentiment gives me jitters. We had an attempt of sell-off yesterday. It was almost erased today. But sentiment is way too strong.

I don't want to move either way right now. Just some opportunistic trades, that's all. My cash cushion is big enough. So in case of a correction I will buy selected stocks. In case of continues rally I will sell stocks marked for sale in my annual report.

Where's European panic?