As people drift into the CNBC lobby in the morning, they grab bundles of newspapers from the front desk. It's a routine.
Almost universally Wednesday morning when people saw the front page of USA Today, with its banner headline "Bull run gets solid footing," heads shook and there were mutters of "it's a top."
That's an outgrowth of the contrary indicator thinking that once mainstream media picks up on a market trend, be it bull, bear, pig or whatever, the trend is over.
Most point to a 1979 Businessweek article titled "The Death of Equities" as the origin. That article, of course, came before a two-decade bull market in stocks.
In USA Today's defense, the article was well-sourced and pointed out the latest economic fundamentals. (Hey, USA Today is a content partner of ours ... of course they're good!)