After the July 2006 lows, it took nearly a year for everyone to realize that the market's corrections were short-lived and lasted only one or two days. Now it seems everyone believes that's the way this action will be.

I'd like to ask a different form of Kass' question: Why are the bulls so scared of a correction?

Last year's decline was vastly different from this summer's decline, starting with the time frame. Last year's began in early May and lasted until mid-July. My calendar says that was two months. This year we had exactly one month before we made a bottom from the highs. Last year it took nearly three months to gain 10% in the S&P 500 off the low. This time it took one month.

Now take a look at the cumulative advance/decline line from then and now. I've boxed off early September last year in red. The a/d line (the blue line) was making higher highs six weeks after the lows in early September. It took the S&P another month to make a higher high.

This time we have the cumulative a/d line well off the highs and the S&P pushing up toward them.

There's more. The Investor's Intelligence bulls were still hanging around 45% six weeks after the market's low. Now they are just over 55%. And heck, by the time the S&P made a higher high last year, the bulls were still only at 52%.

Clearly, sentiment has shifted a whole lot faster this time around than it did last year. Remember, we learn from our mistakes, and the mistake last year was to scoff at the rally.