I'm on the laptop tonight and all thumbs. It's one thing to have backup power, but another to lose the cable modem - down since around 4 p.m.
I'm going to keep this entry brief. Stocks are up in Asia following more records for Wall Street today. I had wondered a few weeks back if earninings catalysts would simply be replaced with M&A and it has. Plus, it didn't hurt today that a few billionaires disclosed the stocks they're buying - good old fashioned U.S. names like Citi and Union Pacific.... even Microsoft. Am I concerned about the level of the market - sure I am. But liquidity, deals and big investments will continue to push this market higher until the reality eventually settles in that our economy is faltering. That could take the summer to unfold.
I am going to devote some words tomorrow to gold and the volatility index - not together, but in separate posts. While I am long term bullish on gold, very clearly the yellow metal is in for a decent sized drop. And the VIX... up in this 13 to 14 neck of the woods. Interesting, isn't it. I think it will continue to revert to the LONG TERM mean... which is not 10, or 11. How 'bout 18?
Have a good evening.
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