We have said in the past that the stock markets "Grand Finale" would end with a blow-off top. How far will the market go before it exhausts itself can only be determined by the degree of excessive bullishness.

What we are currently witnessing is a combination of short covering and some panic buying by institutions were heavily in cash, and now are afraid of underperforming their benchmark marks.

In times like these we need to keep our eye on the realities, and ignore the distorted enthusiasm of the media. Remember, the media’s job is to attract eyeballs, and they only way to do this is to sensationalize something. In this case, they are sensationalizing the Dow's recent all time highs.