Puzzled? The IMF is here to help.
It is doubtful, however, there will be any lessons on the dangers of excessive credit creation. I get the feeling they'd rather propagate future Keynesians.
The New York Times reported that "Investors Are Buying Troubled Golf Courses and Giving Them Makeovers."
Soon, perhaps, Links Wars might be the next reality show hit, showcasing some really epic golf course flipping.
For a more sober view of the current situation, I like what Felix Zulauf, a regular member of the Barron's Roundtable for over 20 years, recently said: "When you look at equities as a percentage of financial assets in the US, it is exactly at the extreme it was at the end of 1999 and in 2007."
Now the rest of the craziness makes sense.
Still, this is a market that suggests higher prices. Looking to the 1970 area to add longs. 1957.71 is the stop.
Emotional extremes can carry on for some time. With clear waves, markets can be played with active risk management -- until something unexpected happens. A tight mental stop is the best insurance.