Despite the two-day pullback this week, the S&P 500 (NYSE: SPY) begins “hump day” with a gain of 25.36 percent so far in 2013. And yet, everybody – yes, even those in the bull camp – seems to be more than a little nervous right about now.

The Bears Should Be Nervous

For all of those who have been coming to work each day with their bear hats donned, it isn’t surprising that they might be a tad uncomfortable at the present time.

The major indices are at all-time highs. The economies of the globe are improving. And the calamities that were prognosticated to occur at the beginning of the year have failed to materialize. So, instead of a 20+ percent gain, the glass-is-half-empty crowd may not have much to show for the year. Nervous indeed.

But why should the bulls be nervous?

Read the rest of the report…


David Moenning

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David Moenning is the founder and chief investment strategist for, a website dedicated to investor education and portfolio analysis. Mr. Moenning is also President of Heritage Capital Management, a privately owned, investment management firm. Founded in 1989, Heritage is focuses on risk management and an “own the best and ignore the rest” equity selection strategy.

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The opinions and forecasts expressed are those of David Moenning, President of Heritage Capital Management (HCM) and may not actually come to pass. Mr. Moenning’s opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security or Heritage Capital program. No part of this material is intended as an investment recommendation. Neither the information nor any opinion expressed constitutes a solicitation to purchase or sell securities or any of HCM’s programs. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that investment objectives outlined will actually come to pass. Investors should consult an Investment Professional before investing in any investment program. Neither Mr. Moenning or Heritage Capital Management nor any of their employees shall have any liability for any loss sustained by anyone who has relied on the information contained herein. Mr. Moenning and employees of HCM may at times have positions in the securities referred to and may make purchases or sales of these securities while this publication is in circulation. The analysis contained is based on both technical and fundamental research. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.