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We haven’t looked at this fascinating ratio chart in a while, so let’s dust it off. This is the S&P 500 cash index divided by the M2 money supply. As a reminder, this is, to my way of thinking, a more honest reflection of the market’s value, since it is denominated by a “normalized’ dollar. Take careful note how, even in this laughably over-inflated market, we have never even come close to the peak of the true bullish prosperity of the late 1990s. We’re just been faking it for twenty-two years.
I think everyone here is pretty much clear on how thesis that crypto is representative of the animal spirits of the investment world, and following crypto is pretty much the only way to monitor these spirits 365 days a year, 24 hours a day. I think Ethereum ($ETH) in particular is a valuable gauge, so let’s take a fresh look as to where it is at:
We’re right at an incredibly congested zone. There’s not much else than air beneath.
You think the government’s involvement in your day-to-day finances is bad now? Just wait:
On Wednesday, one of the most explosive up-moves was the stock Peloton (PTON). The chart below illustrates just how hazardous it is to “chase” stuff like this in this endlessly-insane market of ours. Simply stated, every single person who bought the stock yesterday, at no matter how “good” a price, is already looking at a substantial loss.
