duration of bull market is stretching thin, rates going up reducing consumer spending & debt creation cycle slow down do not seem to be priced in (throw in your auto loan, student loan bubbles, etc. in here)
another attached idea showing huge premium being paid on stocks in relation to gold (alternatively, gold is selling at a historical discount to stocks representing a huge imbalance)
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VIX hovering just at or below historic lows, only 2 other times VIX price has been this low
It's very hard to be objective. We only see contrasts, and things that "jump out" visually. So much is hidden in charts. IMHO, market consists of three parts: technicals, fundamentals and sentiments. Technically, we are still long-term bullish (and ten years back). Are we overdue? Yes. Are we always overdue for a dip? Yes. Being overdue for a crash is a constant. Fundamentals are okay; they could be better. Top-Line is growing. Bottom-line, hard to tell. Sentiment is positive, otherwise, no one would be buying. Is this market completely artificial based on central bank buying - hard to tell - but it's not 100% artificial. I'm guessing the central banks add a 10% sway to the markets. What is controlling the markets: earnings, taxes and interest rates.