In 2007 and 2008 corporations sucked the liquidity out of the market. We saw mergers break, massive secondaries by financial companies, a big drop in repurchases. Later on in the bear market investors fled for the hills

This time around the opposite occurred. Investors bailed out first en masse. Early in March there was record repurchases. Only recently was the spigot shut off. While there have been few capital raises

Right now you have investors in massive amounts of cash, which is the reason for the rally. And corporate liquidity has only just turned negative and it will likely stay that way for a very long time

During this bull market all the net cash into the market has come from corporations while investors jump in and out. Right now investors are jumping back in but the corporate liquidity is no longer there

While pension rebalancing might be a short term positive its likely that municipalities and corporations are contributing nothing to pensions while they still need to pay out benefits. And will need to sell assets to do so

Right now the sentiment/positioning pendulum has swung too far in one direction and is now swinging the other way. Longer term corporate liquidity is more important

I write this is because there seems to be a lot of anxiety about this rally. The decline was record shattering so it would be foolish to try call a short term top as we swing the other way. But it's hard to believe that after the market sucks everyone back in we don't go lower