Every once in a while, when I get into a deep analytical slump like the one that plagues me now, I notice the tipping point when the cards and letters get nasty. Hate mail has picked up quite a bit this month, not so much here in the blog but from my Barron’s Online column.

It is funny how the love mail is always low but that is the nature of the beast. People only write in to complain about something – why did you cancel my favorite TV show, how can you like the current administration, who killed JR?
What is telling for traders is the more they want to puke on their keyboards after making a big trade the more right they end up being. The same goes for hate mail. When it swells, I get a contrarian feeling.
Institutions are quite bullish right now and cash levels are quote low, despite what you may have heard from the pundits. Manipulated markets or not, it seems that the mob is formed.