There’s an old saying that the dumb money transacts in the AM and the smart transacts in the PM. Are these morning rallies we keep seeing a case of the little guy jumping into the rally late or is this old saying meaningless?
Am I a fool for being net short at a time when all of the big banks have a target of 1200+ on the S&P and remain powerful drivers of equity prices?
The VIX continues to tick higher little by little on up days for the market. Is this a sign that the smart money is starting to pay up for protection as equities melt higher? Or is the prolonged downtrend in the VIX here to stay?