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Stocks in this article: DIA EWM EWT

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage. The opinions expressed are those of the author and do not represent the views of TheStreet or its management.

NEW YORK ( ETF Expert ) -- Turmoil in Egypt set the markets back for a single Friday on Jan. 28. In fact, since the Egypt crisis mummified equities, the Dow Jones Industrials Diamonds Trust (DIA) has embarked on a seven-day winning streak!

So what's the frequency of seven consecutive days of gains? It's only happened eight other times in the past decade.

In spite of the odds that something - anything -- might shake the faith, the bearish voices have been utterly silenced. Heck, the only bearish discussion in the media has been Meredith Whitney's claim that U.S. municipalities will default on billions of dollars in debt obligations. No discussion of stock calamity or black swans -- only muni bond woes.

Where have all the perma-bears gone? Weiss, Roubini, Hussman... if the bull has any chance of survival, we're gonna need you to convince your followers to "go short" on this seemingly unstoppable uptrend. As of now, the short sellers haven't completely thrown in the towel as evidenced by a put-call ratio that's yet to fall below 0.35.

Think about the headlines that could have caused a meaningful selloff. Last week's jobs report was utterly pathetic -- no matter how you define "unemployment." The ongoing rise in bond yields is a legitimate threat to real estate. And the additional rate hike from China is, if nothing else, a constant reminder of inflationary pressures worldwide.

Correction or no correction, however, the real story is the exodus from emerging markets. The largest outflow in three years occurred last week, and the money has been heading for the seemingly sunnier shores of the U.S.

In my estimation, that's a mistake. It's not necessarily a mistake to sell your emerger for a big gain when it has hit a stop-limit loss order off a November 2010 high. It's a mistake to chase U.S. equities that, while not overvalued by fundamental Forward P/E standards, are overbought in "standard-deviation-above-the-50-day-and-200-day" standards.

Essentially, as difficult as it is to be patient with your cash, you may have to practice delayed gratification. If you have confidence in U.S. companies, wait for a meaningful dip in the DIA. And if you don't have confidence in the ability of emerging markets to bounce back, you're too fearful! So consider buying funds that fuel China's middle class consumption.

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