Nov

30

WindLike Mary Poppins, when the wind changes direction the weather changes. When beating into the wind on a sailboat, it's rough, choppy and you get wet. When the wind changes and you sail with the wind, it is smooth. When the current flows against the wind it is rough and choppy. It just feels different. We have a tradewind in Hawaii. It's a steady strong wind from the northeast. The ships used it to sail in the old days.

The last few months have been against the prevailing tradewind, Vic and Laurel's 1.5 million percent per century drift. It kicks up chop. Now, it feels like we're sailing with the wind.

There are quantitative differences in the new bull market than the last two month's bear market.

1. No new lows, and barely any pullbacks.
2. Fewer reversals.
3. Lower ranges.
4. Of course, more up days in a row.
5. Lower volatility, both implied and absolute.
6, New daily highs. Today is the third in a row.

The list goes on and augmentation is solicted and appreciated. Besides, it feels different. Tactics and strategy have to change as well.INDU


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