Social mood seems to be bursting lower in a some kind of wave three down if you look at the Presidential polling numbers. Yes Obamacare is quite the disaster, but social mood had already been in a downturn and thus the problems of Obamacare are quite amplified by the state of mood.
So there exists a major "disconnect" between current social mood and the stock market. In Elliott Wave theory social mood turns first then economic results follow (to include stock market declines). So I would not hold my breath on a new market high however the wave count allows for it.
Hey its wedging also....
Sentiment Trader, the "Smart Money" index has been selling into this rally for well over a year.
So on one hand there is evidence of social mood is in a pissed off state (Presidential polling) and yet stocks are near a record high with a true extreme level of investor complacency. There is an extreme disconnect going on. Elliott Wave theory always suggests social mood will win out.
Based on the evidence at hand, there is a real risk to being heavy long in the stock market.