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The bulls own this market now. The bears don’t have a chance. In a few months, we’ll be at 5,000 on the S&P.
Nah, not so fast. Allow a brief counter-argument.
First of all, the VIX is at the lowest level it’s been since Covid stormed the globe. We are closer to that price gap than ever before.
Oh, this is going to be good. I’ll be watching this one tonight. Of course, I’ve written about Varsity Blues before, such as here. One huge irony for me is that my beloved son was welcome with open arms to Stanford legitimately, and he’s already completely transcended it. Maybe one day I’ll write about it, but not now. I’m proud of my boy, though, and no bribes were involved. (Only because the crude photoshop of me as a bodybuilder yielded nothing but disastrous results with the admissions committees of our once-great republic).
OK, the Fed day is over (we get eight of them a year), and Jerome managed to play the entire market like a master violinist. In our new USSR economy, the Fed is presumed to have clairvoyance beyond all others, and can confidently predict what’s going to this year, and next year, and even the year after that. That’s right: the Fed can tell you what the world is going to look like in 2023. Their Gartman-level track record gives them this right.
Thus, after a deep red morning, we saw this in the NQ………
It’s breathtaking that people are being told what a good value stocks are, and what a great time it is to get into equities. Naturally they are going to be told this, because a multi-trillion dollar industry profits from it. No one makes money from people fleeing. But the long-term P/E clearly shows that, with the exception of the year 2000 (since so many companies had NEGATIVE “earnings”) we are higher than ever.
