Monday, February 22, 2016
The only charts that actually matter
I am very happy because everyone is paying attention to a bunch of silly charts that are asserting the US market is going to remain in a downtrend, even though this same weakness has happened every winter and has gone away every following spring.
Meanwhile, this is happening:
People are no longer piddling their panties about the US market. $VIX futures are back in contango.
And maybe this is why:
The nowcast for GDP is back above the consensus expectation, which seems about as primal a contrary indicator as you can get.
I find it hilarious that so-called dispassionate "it is what it is" chartists have really just been absorbed into the larger US cokehead hedgefund piddle-party.