It seems hard to believe that only a month ago, the market behaved like this:
It was a welcome relief, because the Fed-fueled mega-rally from October 23 through March 28th was pretty much the most horrific trading period of my life, and it was good to see this ridiculous thing top out and reverse.
What’s been agonizing recently is that a clean top was forming, and as of April 29th, it retraced perfectly and looked ready to drive hard lower. That played out beautifully with a hard fall on the 30th but, since then, the goddamned thing has just pushed higher and higher, delighting the Goldman Sachs mouthpieces over at zerohedge and aggravating your long-suffering narrator.
This is zerofun, I’ve got to say.
