[…] As I noted yesterday, the stock markets are appearing to be more like ponzi schemes than bubbles in this case.
The difference is the sheer narrowness of the impetus higher, and the increasingly cynical nature of it.
And so on some words of caution today, stocks tumbled— hard.
Gold managed to hold on to some gains while the Dollar lost ground.
There will be a stock market option expiration on Friday.
We might see the hysteria and misdirection continue to intensify.