Last Tuesday, hours before we got big news affecting the ECB and big QE guns fired by the Fed, I wrote about the "Wall of Worry Market Still Climbs" and reviewed many of the bearish fundamental arguments which seem to collectively ask...

"Are investors crazy driving this market to new bull highs?"

Here are the basic uncertainties and worries that are still formidable...

The US Congress and its ability to guide over the Fiscal Cliff (or not)

Slow, muddle-through growth in the US

PMI's still contracting around the globe (China clearly the elephant in the room that everyone's pointing at)

Earnings expectations for US corporates still high, still coming down, possibly rolling over below $105 for the S&P 500 next year

Presidential Election where it's anybody's guess who Wall Street, big investors, et al, really want in the White House

Last night, Sheraz Mian offered an excellent review of the bear case in a special letter to Zacks Premium subscribers titled "Shaky Foundations of the Bullish Consensus." He definitely thinks the market has run too far, too fast on all the central bank euphoria.

So, my question today is this...

Even if Sheraz is correct, and the market should be trading closer to S&P 1350 than 1450, what should investors and traders do here? Do we participate in the "running of the bears" to 1500 (i.e., blow out every last short who doubted the power of central banks)?

Or do we wait for a pullback, and which one do you buy... 1425? 1375?

Personally, I'm still bullish in all time frames -- short, intermediate, and long-term -- and I bet you won't see 1375. So I'll be buying before then.

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