Index after index is showing the same thing – – – the long-term supporting trendline, anchored to the bottom of March 2009, shows that the completely fake "bull" market of the past four years is being shattered like a pane of untempered glass slammed against the faces of long-only investors the world over.
I am paying a fairly substantial "fear tax" by not being – – as Ms. Broadwell might say – – ALL IN. God knows I'm not in any long positions, but I have kept a meaningful portion in cash based on the overhanging fear that Surprise Number Ninety Seven is going to pop up on our screens at any moment, day or night.
In any event, it certainly seems the market have transformed itself from one that urges us to BTFD to instead STFR. The suspense is terrible. I hope it lasts.
