One thing the market is not is sentimental, which is ironic because it often runs on sentiment, and right now, the sentiment is …

According to a Citigroup, more people think the market is likelier to fall 20 percent than gain 20 percent.

A two-day slide in the market has brought out the bad news bears and the data supporting the coming market collapse, or so they say.

In futures tracking the S&P 500, asset managers’ bearish contracts reached a four-year high on March 15. Bets against US stocks are equivalent to a short position just under $1 trillion.

That is a lot of money bet against the market going up. Keep in mind, though, a lot of money is sitting on the sidelines, waiting, waiting, waiting …

Retail investors are about to put a lot of money into the equity markets because they’re trend followers and the S&P has had two positive quarters in a row. Funds can’t keep a trillion-dollar short position, larger than in March ’09.”

It’s not as if we have not seen this situation before. In fact, we have seen it plenty in the last six years or so. When the moment of belief arrives, short positions get caught, are forced to cover, and …

“There’s an enormous demand coming …”

Speaking of enormous demand, think airlines. The industry has come back from the dead to enjoy record profitability. While you’re at it, think United (UAL).  Will it fly higher?

United and the International Association of Machinists announced they had reached seven tentative contract agreements covering about 30,000 workers.