Yes, ladies and gents, the VIX is under 18 and only 9.7% of the population is out of work!
Small cap stocks are at new recovery highs and the Dow is breaking through resistance! Interest rates are still sooo low and retail sales are hot, hot, hot!
I think I just threw up in my mouth. Yes, all of that is true but those happy exclamation points are making we woozy. Are things really that good? Well, stock market investors think so. I better tell my wife she can quit her job and make me a sandwich.
The chart of the VIX above shows it at “support” going back to the 2008 fun years. Apparently, all is forgiven.
While I cannot deny the market’s trend and resilience, I just do not see how any analysis – technical or fundamental – justifies the feelings of secular bull market.
