Take all that money home. Enjoy it and let it hug you when everyone else is freaking out.
OK. So maybe I was a bit too alarmist in my last post. It’s a bad habit, but just how patient should we be with this market before we get out?
The truth is, not very.
Bulls have made money in this market for 9 straight years. 9 years without a bear market! And now the Fed has loudly and specifically turned hostile to asset price inflation. It told us that it would pull the punchbowl. Then it told us that it is pulling the punchbowl. Then it started to pull the punchbowl. Now it is continuing to pull the punchbowl at an ever-increasing rate. And the US Treasury is exacerbating that by doubling the amount of supply it is bringing to market.
As I said on Wednesday — it just does not get any more bearish than that.