Arguably the best contrarian indicator in the market actually admits it this time. From Dennis Gartman's letter this morning:
We erred once again in heading to neutrality for the trend of this market remains upward and there is and has been and likely shall remain enormous levels of suspicion about the validity of the bull market to keep the market climbing the proverbial “Wall of Worry.” At least we’d the wisdom not to take the other side of the trade and become net bearish of equities as some of our friends have tried to do and have indeed done, making wonderfully elegant, perfectly logical arguments as to why the market is overbought and why it is ill and illogically priced. At least we’d the wisdom earned of damages done to ourselves in years past only to take the least detrimental position one can have, that of neutrality;
However, this latest ramp may well be over:
... now we have to look to use any periods of weakness to cover in hedges put into place in order to get ourselves net long once again. The trend remains upward; we must always remind ourselves of that fact: “Old Turkey” of Reminiscences of a Stock Operator’s fame was right when he said that “After all, this is a bull market.”
That will be $29.95