Danger In the Water...........

There is danger in the water. The S&P is trading at 1699.25 and the Dow is at 15,477. There is lots of complacency in the market right now but do not discount this. As we have learned from all year complacency can be very dangerous on both sides of the market. So, at this point it is dangerous on each side of the market as in the market is very high again; however, there is absolutely no fear. Hence I am long invid stocks (that I prefer) and short indexes. I covered some short stock in SPY (that was a hedge) and I am once again long delta. However, please be on the lookout for toppy action. I don't like indexes here because some long vol trades look appealing. Bonds I still think are a short (rising interest rates), gold is looking to be more of a long as it seems to have lost it's steam to the downside. I am also long a little yen mostly because of the impl volatility situation and I think the situation in japan is likely to get worse (for stocks). I also have a few skewed iron condors in HPQ and EWW. Most of my positions,again, are directional because of the low vol. So my main positions delta wise are long MSFT, Long AAPL, Long JCP, Long FB (getting rid of soon),Short Bonds,Long NEM, Long GLD, Long SLW, Short SPY, Short QQQ (getting rid of), Short IWM (getting rid of), and selling a put spread in GOOG. I want to make this clear though. I much prefer trading indexes versus individual stocks. Stocks come with large binary event risk versus indexes; however, invid stocks often have higher implied volatility. I usually play macro trades, but right now I have a lot of stocks in as premium plays.