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I was glaring at the insanely tiny ranges of the past few weeks when it occurred to me there was only one other time that I recall seeing such a phenomenon, and that was………….just before the Covid crash! The old saying is never to short a dull market. I don’t see the logic to that. If you compare the past few months to the late December/early January period of 2019/2020, you’ll find the action on the SPY remarkably similar:
There are plenty of sections of the equity “market” that are making lifetime highs on a nearly daily basis. In spite of anemic volume and pint-sized daily ranges, equities keep muscling their way to new records, such as with the S&P 500:
So is this whole SPAC fraud trend over? Is it dead? It sure should be. Lordstown Motors, which I’ve written about numerous times (and spoken about even more) is looking like the Theranos of electric car companies (joining the likes of Nikola). The CEO and CFO have fled the scene this morning, which the company hilariously portrays as a “Leadership Realignment.” Here’s what RIDE looked like when the SPAC fad was hot: