Hey! What’s With All This Hedging?

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. Inde