My usual TTC is the $GOLD:$SPX ratio, which will not update until after hours. So here is a look at surrogate GLD-SPY.
Is this a picture of impatient, momo following, non-perspective-having dumb money getting played yet again? All the while, gold has been in consolidation of the unsustainable upside it experienced in ratio to everything the last time we had the running of the bull herds.
I wish I could say I have sympathy for these players but I don’t. It has been difficult writing a blog and especially a grounded, common sense based newsletter during all these euphoric months where everybody was on the bull.
Now it is our turn; with ‘our’ meaning straight-minded, sane and patient people who care about the important turns, not chasing momentum in a way that a dog chases its tail when it has nothing better to do.