Is it me or does this market feel stretched?
Here’s a few of the contradictions:
- Votes in Egypt, France and Greece. The French vote is a foregone conclusion and the Greek vote is full of hyperbole.
- Spanish, Italian, and European ratings downgrades
- European Banks: Bank runs, liquidity, etc.
- Bond Futures are rising (ok)
- Gold Futures are oozing upwards (ok)
- Europe is nearly closed 1% up (what?)
- S&P is flat and the VIX is falling.
- Euro is climbing (really?)
It’s nearly the weekend and it can’t start too soon, as I’m reading “end-of-the world” on a macro perspective, but the markets are oddly indifferent. Schizophrenia would be apt. I’m blaming central bank interference (here).
Have a good weekend. Cash is a position…