The reason for being ultra-bearish at this juncture is not short-term stock market manipulation - that's standard practice, it's the position of the stock market on a long-term basis, as indicated by technical analysis and Elliot Wave Theory. I am not a hardcore adherent of EWT, but I do find it very useful as a broad frame of reference and as way of understanding and evaluating potential scenarios - scenarios far outside the boundaries of most stock market prognosticators. For those who prefer a more fundamentals/economics based view, in any case, nothing has changed in the past 3 weeks to all of a sudden warrant or sustain higher markets. That's evident even by reading the local newspaper.
Turning to the technical/EWT set-up, what makes this situation highly critical, is the fact that market is attenuating - with each rally of shorter and shorter duration. That sets up what is called a Third Wave event i.e. alignment of third waves at all degrees of trend (timeframes). Third (out of a possible five) waves are always the strongest waves and when they align at all degrees of trend it means retracement failure at all degrees of trend. Picture the far right side of that rally pictured above, who is the marginal buyer? Those who bought the market since the March 2009 low were fat and happy until they were scorned at the August top shown above i.e. they were in the money for max. ~2.5 years and they never reached the prior 2007 high of 1575. Those who bought the most recent bottom (Oct. 4th) have been right for about 3 weeks. Technically speaking, we are making lower highs (downtrending) with each rally attempt of shorter duration. That in a nutshell is attenuation and indicates that the bulls are running out of firepower and headroom.