You will recall my referencing of my “Advantage: Bulls” post from nine days ago as evidence of a major inflection point. Well, I feel even more wretched than I did when I wrote that post, so take that into account. We have just emerged from a global geopolitical cataclysm as if absolutely nothing happened.
The folks over at CMV have had to invent new levels to show how overvalued the market is.
Across the board, on every metric, we are in the ionosphere, making the peak of the early 2000 bubble look like the age of reason.
At this point, nuclear missiles could actually be airborne, and I think the market would slip half a percentage point before recovering to lifetime highs.
