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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.
Fear? What fear? All I see is lifetime highs every day! I honestly think this thing must be stuck on April 4 of this year.
OK, I’m going to throw some shade directly at myself. Tim Always Chickens Out. There’s your TACO right there. Because early today, I took four-figure profits on PALL and am done with it for now. Why? What about the amazing long-term pattern?
As always, I’ll level with you. I look at this chart of gold, and nothing about it says oversold, beaten to smithereens, or any other expression which indicates it is at a safe price.
That sure didn’t last, did it? After weeks of languishing, the volatility index finally blasted higher on October 10th, moving from a 16-handle to a 22-handle. A few days later, it was almost up to 30, which is a near doubling of the VIX in a matter of just days. Between Friday and Monday, however, just about all the air left the balloon, and we’re back into the teens again, just like before. I wonder to myself if we will ever see a market again in which volatility lasts longer than a day or two.
