Institutions are the thundering herd. That's where the real vulnerability comes in. Money is already put on the line with these stocks as opposed to being on the sidelines waiting to come back in,

There are already signs of a substantial reduction in these flows so far.

We're in a frenetic short-covering based rally. The jury is still out about how long this is going to last.

All these obstacles, (investors) are seeing right through them. Where is the liftoff going to come from?

The most popular price level that everybody thinks of is 10,000 because it's such a round number and these very significant round numbers very often have a lot of clout in terms of being difficult to penetrate in any direction.

The so-called risky assets are continuing to outperform.