VIX

"Well, that escalated quickly."

Authored by MN Gordon via EconomicPrism.com,

“Markets make opinions,” goes the old Wall Street adage.  Indeed, this sounds like a nifty thing to say.  But what does it really mean?

Perhaps this means that after a long period of rising stocks prices otherwise intelligent people conceive of clever explanations for why the good times will carry on.  Moreover, if the market goes up for long enough, the opinions become so engrained they seek to explain why stock prices will go up forever.

Authored by David Stockman via The Daily Reckoning,

Here’s a comparison that is surely vertigo inducing.

Authored by David Stockman via The Daily Reckoning,

Approximately two months before the election on September 10th I locked down the final draft of my book, Trumped!

In the opening sentence I ventured the following opinion, which was most certainly not in the mainstream at the time:

FIRST THERE WERE 17. THEN LITTLE MARCO, LOW ENERGY JEB AND LYIN’ Ted were gone. At length, there was one. And now there is even a chance he may become President.

It's probably not a coincidence that in the same week in which one of the most level-headed investors of all, Oaktree's Howard Marks issued an alarm on the current state of the market, that JPM has come out with not one (as discussed previously, Marko Kolanovic's latest "tipping point" note last Thursday was blamed for the small and sharp selloff at the end of last week), but two reports in which JPMorgan makes it clear that not only is the market on the edge, but increasingly more traders, both institutional and equity, are getting ready for what comes next.