We look into the market’s internals quite closely from general fundamental perspectives and from the perspective of various sectors vs. the S&P 500. We gauge a developing mania in stocks and the mania going the other way in Treasury bonds. We note that the herds are thundering in the manner they always do, but also that if the smartest and most vocal of the herd are wrong, the rest of them will go right over the cliff with them. It’s what herds do. Meanwhile, the measurements are SPX 2410, Dow 21,000, COMPQ 5800… and so on and so forth.
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