Now it can be truly said that if the Fed does this:
You get this:
And this:
And this (seriously, click on any of these and marvel at the madness):
The icing on the cake for me is how sentiment is changing all around me.
One of my neighbors, for example, is a completely sensible, rational, reasonable fellow. He and I speak from time to time about politics (I don’t foreclose myself from such activities in real life, as opposed to here on Slope), the neighborhood, and finance.
For years, he and I have looked at the market in shock and horror, but recently, to use a Silicon Valley term, he flipped a bit. He spoke lovingly of his equity holdings, how they always went up, and how they would continue to go up. And who on Earth am I to argue with this? There are only so many days, weeks, months, or years one can shake their fist at charts like those above and say This Has Gone Too Far. At some point, a person sits down, leans back, and says………….let it never end.
