So, the market sucked this morning and the SPX tested 1055. That falls somewhere in the middle of this trading range. Are you surprised?
Every number sucks and GPD will be, like -3% in the second half, right? Banks have taken it in the ass. But energy, ahh, energy. Gotta use it every day–even with no growth. And restaurants? Are consumers splurging on shit? No, they’re eating! gotta eat, right?
The market sucks yet the VIX is flat to down today and in the zone of 24-32 where “normalization” happens.
Look, every individual investor needs to be out of the market and into bonds. We are almost there. A few more death threats about second half growth and the setup will be complete. We are hanging around 10k and frustrating every “instant gratification” trader-type. I’m still getting emails that its 2008 all over again. If we rally through SPX 1090, then we’ll have broken the very obvious pattern.
Get ready. It might not be this time, but we are being lulled into submission…