Just playing catch-up on a lot of reading this morning and this quote from Jeff Saut really jumped out at me:
“The call for this week: The “buying stampede” is at a legendary 70 sessions and quite frankly I have never seen anything like this in 42 years in this business and more than 50 years of watching the markets. As they say, “Markets can do anything,” and this one certainly is! Indeed, it has now been more than 100 sessions without so much as a pullback of 5% or more, the third longest stint since 2002. This morning, however, China’s growth risks are in focus as Q1 economic data falls short, leaving the preopening SPX futures down about 8 points. So maybe we will finally see a pullback, but it should not be all that much.”
We’re on pace for about a 40% rise in the equity markets this year. Is the bubble in fear finally shifting towards turning towards a bubble in greed?