I do think that we have entered tech bubble territory

Good morning. Remember when I used to dispute all those analysts who said we were already in a “tech bubble” last year by writing about how we’d know we were finally hitting bubble phase when social networking and app-related IPOs started hitting the markets and doubling on their first day?

Annie’s shares surge in IPO debut‎ Cherry Hill Courier Post

IPO Boom: Millennial Media Doubles At Open WSJ

CafePress IPO prices above range for Thurs. debut – Marketwatch

To be clear, I don’t think it’s time to panic because bubbles can and usually do grow far beyond what you ever think is possible.  Look up the peak valuation of say, Pets.com, or the LVLT 12-year chart I showed you yesterday or when AOL was worth $100 billion…is it time to add to our Webvan shares yet? (Any of you readers know the Webvan reference I’m making? Free TradingWithCody.com Sweatshirt for the right answer.)

But I’ll tell you what — I’m growing increasingly uncomfortable about the near-term potential for this market to continue its straight up ascent. I don’t like hearing about a “Facebook IPO Halo”. I liked buying long before the Facebook IPO Halo was a concept that even existed.

So as I like to do when the markets seem to be at an important juncture, as I think they are right now, let’s ask the question — Who’s more scared right now, the bulls or the bears?

And tread lightly as we head into earnings season on top of this big run in the markets and our portfolios.