Smart/Dumb Confidence Turning Back Down

As of yesterday, the aggregate ‘smart’ money took a lurch lower and of course the corresponding ‘dumb’ money lurched higher.  In the spread between the two, -.25 is red lined (bearish) and as of yesterday it was at -.46, dangerously red lined.  Wanna bet this condition has pushed even further with today’s ‘yey, Europe is gonna be OK!’ pump?  How long can the party roll on?

Just picture a bunch of 70’s people with bad haircuts, doing funny dances to really dumb music.  That is our stock market.  Bartender Ben splitting time as the disc jockey.  “Stayin’ alive… stayin’ alive… ah ah ah ah staying aLIVE!”

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