I’ll make this short and sweet. The world of investors seems to agree on one thing: with the central banks in control, not being long this market is only for the dim-witted. For nearly five years, this sentiment has been spot-on. But, as part of the true 0.01% (that is, the ursine sort), I see chart after chart like the one below (which in this case is Northrop Grumman, the aerospace manufacturer) and believe we have collectively slipped the surly bonds of earth and are now in complete la-la land.
I have never had so many short positions in my entire life as a trader. (Errr, I guess I needn’t qualify it like that, since having short positions and not being a trader are probably mutually exclusive states). I believe that, intermediate term, we are exactly where we were just after the “no taper, fellas!” event………..at the end of an unrelenting run-up which is going to be followed by some long-overdue weakness.
So that’s where I’m at……….if I’m wrong, God knows it won’t be the first time. And if I’m right, I can at least spout off about it without seeming like I was being coy before.
I’ll close by offering you a movie that I just saw yesterday; some of you have seen it, and I’m stunned it took me this long to get around to watching a movie this good. Grab the popcorn and enjoy: