If a market top is developing, it will take several weeks to do so as the bullish extremes of the last several months need to be unwound. I have been stating the following for several weeks now: 1) the greatest gains are behind us; 2) the markets are to trade in a range with an upward bias; 3) there will be a bid under the market; 4) it will be tough to short or bet against this market for the foreseeable future. When I first wrote those words on August 8, 2009, the S&P500 was at 1010.48; on Friday, the S&P500 closed at 1016.40. For the last 4 weeks, the S&P500 has been in a 60 point range. There is little follow through on either side of the equity markets. Outsize bets in either direction are not warranted. However, sector bets may still prove fruitful with commodity based sectors and ETF's outperforming.