This morning I woke up and flipped on the computer and my market-monitoring screens to find a sea of green. Everything up: stocks, commodities, gold & silver. Then what happened? My music player, in shuffle mode, queued up the Who's "Don't Get Fooled Again."

Funny. Coincidence? I don't think so. Roger Daltry is onto something. It would be easy to get lulled into a newfound sense of complacency if you didn't consider that just a month ago, the S&P rallied from a bottom of 1,050 to 1,116. That was a huge fakeout.

This last rally has now taken us from a low of 1022 back to the current 1,094. Powerful, no doubt. But it's also giving me a funny sense of deja vu. Note that the last rally, in June, was about 66 points in the S&P. The current rally has retraced 82 points of the recent decline, but it's still below June's high. If it's going to fail, it should fail this week. If not, the bulls have a solid argument to get bullish again.

Are the bulls really confident? So far in the last two months or so, the 50-day moving average has turned down, it's cross the 200-day moving average, and we've traced out a lower low and a lower high on a subsequent high. Would that make you comfortably long stocks? Not for me.

For the past few weeks I have been alerting readers to some negative technical signs in the market, including the development of a "Head & Shoulders" pattern in addiction to a potential "Death Cross."

But is that all? Am I saying sell the market because of a couple eccentric technical indicators for stock-market geeks? No, in fact. Technicals should be used to confirm a fundamental view. There has actually been a lot of confirmation of the technical indicators via fundamental data.

I am still short the market, and I in fact added to that position this morning. Here are my top five reasons why the market will remain weak:

Jobless claims aren't really declining that much. The four-week moving average has only declined by 1,500 claims. In other words, the employement situtation remains weak.

Barry Ritholtz points out in his blog that the Chicago Fed National Activity Index appears to be peaking, and still reflects negative consumer and housing activity.

The Death Cross is here. This reflects a flip in investment sentiment and a growing negative picture in the stock-market technicals.

Mutual fund cash levels recently hit an all-time low. This means that mutual funds have less cash to invest, and potentially more stock to sell.

Head & Shoulders: Never a stock chart to like.