The S&P 500 is at new highs which we must label as a positive.
That hilarious quote comes from JC O’Hara, an analyst at FBN Securities Inc.
You’ll note that it has a kind of fatalistic tone to it – something like: “well, I guess we have to say this is a positive development although it’s by no means clear that this is any semblance of sane.”
A more generous interpretation might be this: “we’ll take it.”
But just because folks will “take it” doesn’t mean they aren’t nervous. Indeed, as Bloomberg’s Dani Burger (who, despite being left off a list compiled by her own employer, is undoubtedly the world’s best “burger”) writes on Tuesday, the S&P put/call ratio is sitting at its highest level in more than two years:
Meanwhile, the cost of protection on high-flying tech stocks hit a one-year peak just as the NDX touched a new high earlier this month:
The takeaway: if you’re long and unhedged, one of two things must be true. Either you know something everyone else doesn’t or the other way around.
Did the list have https://www.impossiblefoods.com/burger/
Meatless meat