Could Be Wrong, But...

To all investors in the bold category (>90% in equities):

* Not sure how anyone can read today's Fed minutes as anything but bearish. The Fed is impotent when it comes to the primary issue in the US - employment. Taking the baby step of QE2 lite will do virtually nothing to help the situation.

* What's the next bullish catalyst for stocks? We are passed earnings season, now what?

* Analyst reports today re Intel not good re 3Q10 orders.

* Technicals are poised for downside breaks - first pullback, then rally, then ????

Now that investors are getting comfortable with deceleration but no recession, the greater risk appears to be on bullish disappointment side of the equation.

That said, it is always advisable to remember the Keynesian beauty contest: It's not who you think will win, but who you think everyone else thinks will win.