The late-comer bag holders know they’ve chased their late entries into this prolonged rally. These “greater fools” are uneasy, and while some have tightened stops, others have taken out big insurance to hedge their bets. Tomorrow’s lower prices may not be met with the buying that we’ve seen lately. Perhaps there’s no one left to fight the fire once smoke appears. Maybe they’d rather escape the burning building and collect the insurance money instead?