The Golden Lounge

[gdl]

Startling dichotomy. Investor sentiment near a record while consumer sentiment at decade lows. If consumers contract and don't spend their excess cash it could set off a vicious cycle of stagflation. Unheard of scenario for last 40 years. Most analysts and investors either never went thru that cycle or have forgotten.

I find it fascinating that at tops everyone agrees that valuations are justified but when it unravels they only see the worse possible future. As long as investors salivate over any decent drop we continue this step ladder ever higher.
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Market still holding up well here. if we start the next phase of rally it should be here. I am still expecting a big rally in December but that can only happen if the inflation pressures, OIL, Dollar, Yields stay relatively tame.