i have a different take about this and that is that most of corporate america foresees a weaker rest of 2013 and is planning ahead this time. buyback when share prices fall to improve bottom lines for the 2015 and beyond.
the bull argument that companies are sitting on a lot of cash and thus have capital to deploy in order to send mkt even higher is not one i agree with. i think they are hoarding so they can add their own shares over the next 6-18 months at lower prices. several stocks i follow have issued new buyback programs and i sure as hell dont want them buying their own stock at these levels.