The reason it won’t be a bull market anytime soon

One of the most reliable rules of the market is that when everyone
says the same thing, it's guaranteed not to happen. I have never seen
the sell-side more bullish than now, probably never ever in my career.
12 of 12 strategists are bullish. I have counted 25 major stock
upgrades in recent days and 0 (zero) downgrades. The market's sure not
to turn until we get some sell-side surrender.

I also wonder when the sell-side will start lowering earnings
estimates? Or any estimates for that matter? When will 2H Slow Down
become a theme? Or 2011 earning miss? Estimates for the S&P500 for
2011 is +19%, after this record year. Will anyone buy on better Q2
numbers that are almost already history?

The market's likely to be particularly difficult for traders, with
ever lower volume and increasingly tighter range, apart from opening
gaps. Although it has felt so messy, we have only acted in the
1060-1100 S&P500 in the last five days. Feels like sharp movements,
but really we are just still - and it will remain, with the risk
skewed to a break downwards.