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This Market Makes One Feel Nervous

Posted on May 20, 2008

All of a sudden, it's gotten a bit nervy, hasn't it? Yesterday'slate-session swoon in the SPX wasn't particularly unique- we saw verysimilar price action last Wednesday- but it was still enough toilluminate a few amber warning lights on the market's mental dashboard.Whatmakes the market's nerves all the more understandable is that all butthe doughtiest of risk-asset shorts has been carried out of positions;indeed, one of Macro Man's few remaining outright short risk positionswas stopped out overnight. And the degree of complacency seems quiteremarkable, given that we're still in the Greatest F...

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highs , lows , vix