"Even though the S&P's hitting new highs I'm hard-pressed to find people that are really enjoying this and that are excited about this move. Most people that I know, professional traders, are all holding their heads down and complaining about how this is hurting and how nothing's working."
That from Kevin Muir during his latest "Market Huddle" podcast (btw, he and his partner Patrick Ceresna do an excellent job with this weekly interview session).
Note the head-holding among the pros Kevin talks to. This sentiment, this robotic impulse for investors (professionals and otherwise) to measure their success against a stock index (any stock index) risks a focusing away from the deep, thoughtful, macro risk-management-based analysis that leads to the utilization of any and all asset classes, regions, and so on. And that, my friends, is risky!