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While all eyes have been focused on the incessant rise in the price-weighted farce known as The Dow Jones Industrial Average, a funny thing happened in the ‘real’ market…
The S&P 500 went nowhere… 2474, 2473, 2473, 2470, 2477, 2478, 2475, 2472, 2470, 2476, 2478, 2472, 2477…
How unusual is this? Simple – it’s never, ever (in 90 years of S&P history) happened before…
Since The Fed (et al.) began tinkering (red shaded box), markets have slowly (and now quickly) died.
Perhaps even more worrisome, Investors are positioning for more of the same…
There has never been a bigger speculative position tilted towards still-lower volatility…ever!
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