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Well, folks, this is what you get what a market is absolutely priced for perfection until the year 3295. You can have company after company announce blow-your-tits-off amazing earnings and prospects, have the stock briefly skyrocket, and then vomit all over its lapels. I didn’t have to dig for obscure examples this afternoon. Allow me to share these tiny, no-name companies with you…………
Microsoft:
Full employment and low inflation? Those aren’t the Fed mandates. THIS is:
For when it comes to trading the financial markets price is the ultimate arbiter of truth. Period. We can whinge and whine all we want about what the market ‘should be doing’ based on a laundry list of technical evidence suggesting that it is ‘overbought’. But in the end, the market will simply do what it wants to do. And when it wants to go up – we aim high – especially during a bull market.
So as you may recall from my previous update I keep seeing quite a few alarm signs flashing hot red, one in particular is excessive SKEW across SPX and SPY options. But then there’s this:
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