from King World News
As we kickoff the trading week with stocks set to open lower, the US dollar rallying and gold still consolidating massive gains, some things never change.
HUMAN NATURE: Some Things Never Change
September 8 (King World News) – Peter Boockvar: If there is one thing that NEVER changes it’s human nature and when markets reach a euphoric stage, a change in trend is rarely far away. For purposes here I’ll use the 60 read in the Investors Intelligence survey and the 3x euphoric level in the Citi index of last week as a way of measuring that euphoria.
You can also add in the multi year low in the put/call ratios. But, the final phase of the recent blowoff really started in early June when Hertz stock, in bankruptcy, rallied to the point where the court almost allowed them to sell equity when the stock rallied from under $1 to $6 in a matter of days.