overbought?

So I've been slaughtered this past month. My longs were whipsawed and then my shorts were. Double-whammy. Nursing major losses, but this is my high-risk portfolio, so guess what? Somethimse the risk comes home to roost. Don't get emotional about it, just accept sometimes you're wrong and move on...

That said, this market still looks negative to me. Why? With near record highs on the dow, you'd expect a change in tune. The problem is that the S&P multiple is way too high and the fundamentals are still bad. Look for a selloff through October.

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