Hussman is a brilliant analyst, although he can be fooled by fundamentals. This market can stay irrational longer than you can stay liquid, is the classic line. However, that only applies is your positions are moving against you so much, and you are operating on margin, that you are "forced to cover". Well....don't do that!!!!!!!
Hussman grants permission to use these few paragraphs. Please review his entire article and awesome website. And if you have a few million that other have been mismanaging, throw him a bone.
http://www.hussmanfunds.com/index.html
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Insightful and Useful Comment!