Crunch Time Or New Paradigm?

It appears that everyone is now a confirmed bull. Nobody is selling despite the markets being progressively overbought and over-loved. So, if there are no sellers, then the markets will never fall and everyone will become filthy rich. While the economy still continues to chug along, I doubt that it will catch up to the market anytime soon. Perhaps we are in a new paradigm in which sanity no longer rules and the moon is the limit.

There is much conflicting news and views concerning the economy and the markets. There is little in the way of leadership in the market and yet it is grinding higher. I am shyly long but looking toward a possible bloodbath sometime in January 2011. Nothing so earth shattering as having the wheels fall off; but enough of a correction to rid the markets of the over-bullishness and buoyant complacency.

Employment trends are quite uncertain
The price of oil is being manipulated
The dollar will resume being decimated
Europe is a mess as governments scramble to lie through their teeth
Energy production in the US is being throttled by stupid environmental extremists
We are under a socialist regime
Government handouts are increasing daily
More handouts are proposed daily
Deficits are still climbing
The tax system is a disaster which few seem able to admit
Housing looks shaky as prices could fall again
The consumer is very much in hock to the debt man
Credit is in fact shrinking in that future credit will be unavailable to sustain the economy
The FED is gumming up the works by pretending to play god
Employment quality is falling...fewer higher paying jobs to be had
The manufacturing base continues to erode
Unions are of no help in holding/creating longer term jobs
More and more un-citizens are sucking on Auntie Samantha's teet (Uncle Sam's wife)
Our military is being dismantled by the slime controlling the White House
And on and on.....

Not that I like to be negative, but the current administration and Congress for certain have not done anything to help this situation. The socialists are leading us to fatal destruction and upheaval.

No use buying since the odds are so tilted in favor of a major correction that it would be a waste of capital. Wait to buy. My hit list on the downside:

OIH WLT CMI AMZN FCX NFLX BIDU AGU APA WHR CLF FLS CRM

Some of these will move higher in the next few weeks, but when the crunch arrives, most will be vulnerable to sell-offs. Target draw-downs in the 10-20% range. However, unless there is some major stumbling blocks that appear in the road, the overall path will be up for many of these stocks. The probabilities favor a rising market during the third year of the presidential cycle. Beware that this could prove false with so many pitfalls and bogeymen waiting to squelch investor bullishness.