Barry Ritholtz of FusionIQ and The Big Picture blog says he thinks investors “have to give the bull market the benefit of the doubt”, and he remains bullish. Ritholtz tells The Wall Street Journal’s “Markets Hub” that he needs to see a lot more negatives before he shifts to a more defensive position. Right now, positives in the market include reasonable valuations and the fact that sentiment hasn’t gotten too high, he says. Negatives, he says, include major weakness in small-caps and many overseas markets, which he says could be a “warning shot”. Ritholtz also says to beware of a “central bank contagion”, in which central bankers who don’t want to repeat the mistakes of the Great Depression swing too far the other way, and try to do too much in terms of pumping liquidity into the system.