Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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What is it about this FOMO anyway? Again, Remember The Top in 2000! And I didn’t quite have a keen appreciation for that historical reminder until I went back to that all-time bubble high and re-examined consensus behavior on the initial big bounces. It takes more than 2 months to change what bubble bulls need or want to believe. I don’t dislike bubbles. Without them, I’d never have been able to play this game successfully or start Hedgeye for that matter. What’s most interesting about the stock market bubble that peaked in FEB of 2020 (yeah, I know, the NASDAQ is “almost up YTD”, but its still down -13.1% from the peak, don’t forget) is that no one calling “the bottom” now called it a bubble way back then. |
