And by awesome I don't necessarily mean in a positive way but rather in a sort of 'is what it is' way. All the usual players are arrayed in all the usual stances. To boot, into the mix steps the Fed this week as it pretends to manage the markets in some sort of viable manner.
The bears wonder "WTF, why won't this market bend to my will and break down from the H&S that I and everybody else saw and knew spelled doom?"
Sidelined would-be bulls wake up and dimly peer through glazed over eyes and also think "WTF, am I going to miss this? I swore off this manipulated mess - damn, why do my T Bonds keep going down? Dohh, how could they be bulling now? WTF???"
Even smart aleck already long bulls like me obsess about whether we are part of the wall of worry or just being greedy. :-)
Assets are simply doing what policy makers have been trying to make them do through the wonders of inflation; they are rising. Right along with the moral hazards built in by such policies. Manage risk, watch greed, watch fear, use charts, use common sense, tune the noise out, trust yourself, don't trust everything you hear or read...
Like I said, this is awesome because we are at an emotional time in the markets and it is not so easy to be on the right side. You - well, if you are like me - are challenged. If it were easy, anyone could do it.
Meanwhile, the Fed will manage alright. They will manage to launch an intense inflation, an intense deflation (if something breaks again) or more likely they will continue to manage the herd swinging seemingly eternally between inflation and deflation fears - with all that chart real estate between each pole. Da munny making opps and da capital preservation opps are in that expanse of real estate.
