Are we at a market top?

It feels like a top to me.

My short book is getting killed so far in January.  This has worried me before, however in the past it ended being the top every time.  I suspect that what is really happening is that the last of shorts are throwing in the towel.  The last marginal buyer is the short throwing in the towel. 

Hussman noted in his weekly comment that capitulation is everywhere.  Is Abelson advocating a market timing strategy now?

I read an article on Facebook where an analyst was advocating an EV/EBITDA multiple of 17.  This sounds more like coming up with a price target and figuring out how to get there after.  The article was on Barron's Tech Trader Daily (here).

Another concern is the market going gaga over REIT and MLP conversions.  CBS outdoors announced a conversion and rallied 8%.  When the market starts chasing rumors of the next conversion and stops paying to fundamentals, we are close to a top.

Disclosure: Short FB, no position in CBS.