Yup, too much bearishness. I will probably redeploy the 10% cash raised Friday when I saw that fake EPC drop under .4 during the day, I am not sure why there was so much call buying in LU, but I am taking these calls out of the picture maintaining an EPC well above .6 making it still nicely bullish. With all the other sentiment indicators getting into extreme (note amongst other things the 5 days l/h above 5 last Wednesday... and on 3/16 the SP 500 registered 17 on that series... momentum wise, I believe the through was around 3/16, look at the SOX for instance). Let's hope I am right. That should bring me back to 15% cash, quite bullish, and leave enough ammo for unusual bargains.