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3 THINGS I THINK I THINK

  • The market is on pace for an 18% rise in November at the current rate.  We’re up 8 days in a row (yesterday was flat) or every day this month.  Do you feel comfortable playing the next hand of blackjack after a string of aces like that?  I sure don’t.
  • International bonds are soaring.  Domestic bonds aren’t selling off.  The inflationary story that gold is telling us appears to be in conflict with other asset prices.  My guess is gold has gotten a bit ahead of itself here.
  • The VIX is up on a strong day for equities.  Is the smart money reaching for protection as everyone else chases the numerous growing liquidity bubbles?
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