Yahoo Finance has an article yesterday saying that mom and pop aren't taking the bait to pile in now in spite of all the thugs urging them to do so. They cite fund outflows are still high. They're pointing to HFT's as being the reason for the march higher. I think a good deal of distrust is warranted. Biggs for example was 90% in late Dec and so was Goldman. The run up has been mostly propaganda with nothing concrete to support it. I agree with you on the pension funds. They are onerous indeed. The media is a hedge fund shill; the hedges pay the bills and write the articles. It is interesting that the articles so tightly conform. We have for example articles: 1) saying fixed income is dead the message is more risk 2) bonds are terrible 3) vix is calm so the sky's the limit 4) Barton Biggs is 90% invested as is Goldman... why they said so 5) Merrideth Whitney is wrong on municipal bankruptcies. 6) Banks are rock solid 7) housing is great 8) gold is dead 9) oil will go to $200 10) China slowing, stalling, etc so the USA is it again! yahoo! Meanwhile we have 1) 16 trillion in deb 2) 189 trillion in unfunded mandates 3) taxhappy in the white house that wants to raise capital gains to 35%! and Div to 35% [that will end fixed income entirely 4) housing starts were down 5) oil up 6) consumer sentiment falling 7) high unemployment and faked numbers 8) gas going through the roof 9) gov wages up private sector down again 10) energy cost for electricity skyrocketing due to sambo policies and anti coal and anti-nat gas 11) many babyboomers life savings destroyed and on Soc Sec 12) more foreclosures following sambo bank sweetheart deal 13)rise of gov unions. Rise in size of gov and gov overhead no reduction at all The only ones left in the markets are hedge funds, mutual fund morons, pension funds, some jerked off flippers who are meaningless, a few big individual investors, and some very cautious traders. I'd say following the hedge funds in with full exposure is suicide. I know and the hedge fund know that April is always down due to taxes. This year will be lighter than most due to the heavy market losses last year when hedge funds and mutual funds were tearing the place apart. So we may have seem most of the yearly rally to date. So go away in April may be a good strategy instead of waiting until May. This is a propaganda driven market, fundamentally nothing has changed to warrant the euphoria and the complacency with debt strikes me as uberdangerous. We have inflation now and this is showing up in wage inflation especially with Gov employees So this is very unstable. And remember, Cash is always good no matter what market exists. There is no market where i would ever be in 90%. I think the damage to citizens that saved and expected their homes to deliver retirement is so great that they have all virtually been turned into wards of the state. Housing is still sinking and I see no end in sight. Property Taxes are a huge part of the problem and are used to fund pensions, just like GM. They have written the pension shortfalls into the law for taxpayers to absorb them.