Mad Max

Mad Max

The first shall be last. That's the mantra for a market enthralled with reflation and suddenly predisposed to shunning tech and other manifestations of froth, including crypto. In a testament to the mood, The Bloomberg Commodity Spot Index is now up some 60% from the lows hit during the pandemic panic. It's perched at the highest in almost eight years. Food prices are soaring, copper is on track for a record monthly run, banks are rushing to lift forecasts on crude, and there are calls for
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5 thoughts on “Mad Max

  1. Will be interesting to see whether the volatility of the last few years has killed buy and hold. The mega-tech complx is going to get sold in this rate-driven correction, but so will other things, including bonds, EVs (and innovation funds), industrials that have run up hard, and Bitcoin.

  2. Even more rational pseudo-bubbles popping. In SPACs, darling Churchill (CCIV) finally announced the deal with EV startup Lucid. The market promptly went from “there’s gonna be a deal!” to “wait, I’m really going to own an undercapitalized car company in a space where Elon Musk is personally setting the pace; why do I want to do that?”, as Lucid announced their next delay. SPACs everywhere plunged in sympathy. Ah, froth plays.

  3. Re.: Bitcoin

    People adding “laser eyes” to their social media accounts might be the strongest signal to get out of BTC. That is assuming one is “invested” in the first place.
    The emergence of the “diamond hands” memes on Reddit and public billboards (!) also coincided with GameStops plunge.

    Given that there is no fundemental analysis (nho surprise with no fundamentals to analyze) this is probably the most precise “sentiment indicator” available.

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