The men, women and machines that are driving this hysteria now were sitting in the corner sucking their thumbs in March. They were swearing off investing and a lot of them puked the market (I know people in personal life who sold out in the crash). It’s a cruel market and the choice for those patrons is to either not look at it and suffer a FOMO for the ages or, heaven help them… jump back in a market that refuses to relent in its drive to the opposite of the terror stricken sentiment extremes of the spring.
In the market’s cruel way the rally worked on the holdouts for months after, grinding at them and compelling them back in. Man, woman, machine… casino patrons all trying to make coin (or make up for lost coin). There are a lot of funny inputs to this market right now, from sentiment readings at extremes to a very conspicuous divergence in volatility indicators, to the goddamn election upcoming.
But tuning out all the noise and playing it straight, let’s just say that the leader – the Nasdaq 100 – is steaming toward a measured objective (not rocket science, as the average 4th grader could plot it).
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