Happy Days

A month ago following the employment report it felt like the world was ending. Here we are 100 S&P 500 points higher and the crowd believes all is well. In reality Italian bond yields are still pushing 6% and the ECB is still doing nothing. When everybody was negative taking a contrary opinion held a good risk/reward as the world only ends once. Currently, the crowd is more bullish but the macro situation is no less dangerous. I am less sanguine. Have a good night.

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