I have a strange feeling today–one I have every month or two. Normally these ‘strange’ feelings pass within a day or two so I absolutely refrain from panicking. As I watch crazy things happen in the equity markets–for instance the Gamestop (GME) action–trading in a range of $61 to almost $160 and then back down to $80 it reminds me of the ‘fake markets’ that we are in now–so much money sloshing around. Then I watch all of the SPACs being issued on a daily basis–just craziness actually. Too much money available to everyone (or at least to the ‘haves’). When does the music stop and who doesn’t get a chair?
Most markets with the exception of the bond market are pretty quiet–but the 10 year treasury is off 6 basis points. Only a couple of weeks ago we saw spikes as inflation ‘talk’ heated up–I thought almost for sure rates would keep moving slowly higher. Maybe it was just my wishful thinking–maybe helicopter money (or the promise of it) are no longer able to move markets. Maybe instead of a continuing recovery from Covid-19 we are on the verge of further economic darkness.
I am just ‘sticking to my knitting’ and keeping one eye on the macro economy–I feel a black swan–but I do every week–guess I better up my prozac dose.