Just to play devil's advocate to my last bearish article, I have found one expert who is bullish.  Charles Biderman - liquidity specialist - is long 200% (leveraged) on U.S. stocks.

We are as bullish as ever on the U.S. stock market because the smartest money in it--the top insiders who run public companies--are signaling through their actions that U.S. equities are a screaming buy.

Projecting daily cash flow into and out of the U.S. stock market suggests actual corporate buying should be more than double corporate selling this week. During the past four weeks, new and completed cash takeovers added $2.5 billion daily to current liquidity. To be conservative, we estimate that they will add $1.5 billion to current liquidity this week. We estimate that actual stock buybacks are continuing at $2.4 billion daily. Therefore, actual corporate buying should total $3.9 billion daily.

I have read Charle's book, TrimTabs Investing, and wrote a review.  I find Liquidity Theory quite fascinating because it treats stocks like commodities – all governed by supply and demand.