Oh, man. Let’s get 2016 over with, shall we? In fact, let’s get 20,000 over with too. The media obsession is getting unbearable. Try as they might, The Powers That Be can’t seem to close the deal. Maybe tomorrow, huh?
In any case, 2016 has been a sadistically cruel year for the bears (err……..bear. I don’t think are any except me left at this point). How promising things looked for those first six weeks. But, ever since then, volatility (and opportunity for equity weakness) has been evacuating the market at a shocking pace. I mean, Good God almighty, it’s within reason we’re going to be at 10 on the VIX in short order. We are banging near some of the lowest levels in history right now.
In the midst of this, of course, the trade to be in has been the laid-back, pot-smoking, massage-giving, ecstasy-dropping love-fest represented by the XIV. This instrument captures better than anything else the devil-may-care, happy-go-lucky asset market in which some have the happy fortune to reside.
And even with the market at record highs across the board, the #1 story on MarketWatch is touting Steve Eisman’s prediction that we’re about to enter a “golden age” for financial stocks, and that the party for bank equity is just beginning. Can you imagine? After the hockey-stick ascent experienced by banking stocks, these are being held aloft as some kind of value. Hop on board while you can, folks!
You guys enjoy the ride. I’m going to hang with Mickey and Bugs.