Kass: Greed Might Get Good Again: "We are likely nearing the end of the market's correction rather than the beginning of a bear market." http://www.thestreet.com/story/10675647/1/kass-greed-might-get-good-again.html of course his last call to short was way early so take it for what its worth.
I was very impressed with his bottom call in March which was almost exact to the very day. But then he turned bearish in the summer of 2009 which was obviously way too early.
"Levels" are irrelevant. As conditions change, so do expectations. It is perfectly logical for someone to be a bull @ DOW 12,000 as it was rising but then switch to bear @ DOW 12,000 as it was falling.