why is it sickening? they're just statements. people who hear their statements should form their own opinions and make their own decisions--and the results of that will be their own doing.
As stated by a trader on another forum, who cares? Sure the market is overvalued. But if you are trading it, you always want to be on the right side (the market is always right.) So your best gauge of trading success is immediate profits. When it is going up, get long, when it is going down, get short. This applies to any time frame that you are trading. Wary of the big reversal? Some EW count just told you we completed 5 of 5 in the retracement of the "Grand Supercycle" today? Take that advice with a healthy dose of skepticism until the market proves them right. Anyone position trading and betting that the most recent new high was as high as it could go has been wrong - for a while. Here's an idea: pull up chart of the s&p500 cash and measure a retracement from the high in 2000 to the low in 2002. We haven't even reached 50% yet. How about waiting for a failure swing on the daily charts to declare that this is just a bear market rally?
I remember listening to a radio show during the dot com bubble, when some trader said that he was shorting Amazon because the valuation on the unprofitable company was crazy, it was just a bubble. Well Amazon ultimately went to about 5 times the price where he was short. What was the better strategy? A) Buy on the way up and make money off the euphoria, then reverse and short on the way down? or B) Sell because you know in your heart it is a bubble that will ultimately fail, no matter what the market price movement is doing?
This isn't tulip bulbs - we are talking about completely liquid markets that will provide plenty of opportunities to reverse to short.
This market is all BS, it's all prop traders and specialists/MMs. There is no real volume. Institutionals are lukcy enough to get orders to fill. But of course the market won't let ever other trader make money shorting it. Once everyone is long, thats when it plummets.