For the past month, actually ALL of August I have heard no phrase more ;
"The market is overbought...I expect a 10% correction...then we can go higher."
After 20+ years professionally in this market, if there is one thing I DO know to be true - If EVERYONE is saying it ...aint gonna happen. So while a pullback will come at some point, rest assured - it aint yet, and it aint 10%.
On a similar note .... (when everyone is saying it), when everyone is in a 'crowded trade', those don't work either. Can you say Natural gas...Solars....Ultra Short Treasuries or *gulp* even Gold? ...think about it.
Holler at me - I am @A_F on Twitter