There is some giddiness for sure in my streams, but I read more doom and gloom from really smart people than I do outright bullishness.

I am not sure I have any quantifiable edge from the data I eyeball each day (I love to think I do), so I always default to price action when it comes to public markets.

The price action is good. I can’t explain why. I am really not sure it matters.

The good price action continues to beget good price action.

We could argue all day about politics and antitrust laws and Facebook and Goldmans Sack and The Fed and Cyberwar and and and and Hilary. I do it myself.

It is ok to not understand markets. I don’t think anyone really understands them.

You should understand that computers and people that trend follow will not sell stocks when price action looks like this…

Most likely they will buy dips and even chase breakouts. I have no real idea if that is smart or dumb but for a long time it has been genius.

I will never understand doom and gloom but I was born in the right zip code and at the right time. I am ridiculously biased.

I have learned the hard way though not to chase and avoid the feverish herd. I don’t think about public stocks as cheap or expensive or ‘overbought’ and ‘oversold’. I don’t feel like we are in feverish territory but I do not believe any textbooks could explain stocks today based on the current global macro environment and financials fundamentals.

The good news for doom and gloomers is the markets are open every day but they do not have to play.

What a freedom and miracle that is.