All-time is a really long time.
Yesterday was the all-time high in the SPY, the NASDAQ, the Russell – that’s a trifecta.
That’s what happens in #Quad2. If you puked in Quad 2, that is not good.
That’s like what happened last week, where hedge funds de-grossed during the biggest drawdown of the last half decade.
What’s interesting on SPYs is the Implied Vol premium, which was maybe the best one to buy into ever at +109%, has gone to +6% this morning.
Playbook move here – we're on the heels of another Rate of Change acceleration in #Quad2, whether it be Durable Goods, CapEx, Jobless Claims; even the Unemployment Rate got better in Rate of Change terms.
What’re you doing? Chasing what Hedgeye bought a lot lower?
No, feed the ducks.