From the WSJ: The Dow Jones Industrial Average has hit an all-time high. The Standard & Poor's 500-stock index is close behind. Stock prices remain reasonably priced based on many measures, individual investors are shifting back to stocks and corporate profits have been strong.
So what are a group of hedge funds and other investors doing? Selling.
Bearish-minded traders point to a variety of concerns, including the market's reliance on the Federal Reserve's help, signs of excesses in corners of the bond market and froth in speculative shares. Some, like James Litinsky, even predict a recession over the next year because the recovery from the 2008 downturn is getting long in the tooth and the Fed won't juice markets forever….