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Who Is Buying Here?
- The dispersion within the market remains very wide and that's unique when the indexes are hitting all-time highs
- The public is getting restless and wants to chase performance and I recall a story from the '90s near the top
- I do a deep dive into the main US sectors with attribution and YTD breadth
- A lot on this note today including a look at bonds which I still expect to sell off some more
- I'm covering a couple of shorts and suggest tightening up stops on some longs to cost
- I'm concerned that this market with very low volume, gamma rolling off indexes, and upside exhaustion signals, extreme sentiment and very little short interest could see a sharp quick drop