Listen, you shouldn’t worry about whether people are too bullish, because they’re not, ok? That’s a myth and it’s being perpetuated by gangs of drug-addicted, goblin-devils as described in detail here.
There’s nothing irrational about what you’re seeing in markets. And there’s definitely nothing absurd about CNBC hosts turning into asset managers and not making the connection between the inexorable rise in global equities and the fact that central banks have pumped about $20 trillion in liquidity into markets over the exact same time frame.
I’m just kidding. Of course it’s absurd.
And when you’ve got CNBC hosts pretending to be asset managers while their buddies are making fund of actual fund managers on Twitter, you should think of it like those clips of the Burger King guy playing in the NFL, because that’s the level of absurdity we’ve reached:
But you know, don’t hate, because right now, cartoon characters are still running back interceptions for touchdowns, but my guess would be that eventually, amateurs playing in the pros isn’t going to work.
In the meantime, the latest evidence that things have gone off the rails comes from Investors Intelligence whose latest survey shows that newsletter writers classified as bulls have risen to 62.3%, the highest since March 1, from 60.0% last week.
That comes against just 15.1% for the bears. Here’s punchline: the bull-bear spread has now widened to 47.2.
As noted, that would be the largest bull-bear gap since early 1987.
Nothing further.
Let’s see 1987, 1987 I know something…… happened …….1987………….Oh sh*t, but don’t worry that was 30 years ago, no problem that has Nothing to do with today.