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There are times when the market feels alive.  The environment feels like a living breathing organism.  It’s times like this that market is often at extremes.  The current underlying bid in stocks has an extraordinary feeling of greed.  I can just imagine the phones in my old office at Merrill Lynch ringing off the hook as small investors see stocks up AGAIN and call their broker to place a  buy order.  My former partners are having a great month for sure (great for them at least).   Meanwhile, I could hear a pin drop in my office.  I can only imagine what I would be hearing if CNBC were on in the background right now.  Words like “resilient” and “new highs” come to mind.   But the feeling of greed is just screaming at me through the price action I am watching on the screens.  Market’s can remain irrational far longer than I can stay solvent and this rally could certainly still have legs, but the feel of this market is one that I want no part of…..

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