US Stocks are back in bull territory, but how dangerous are Euphoric Markets determined to follow an upside narrative – no matter what the underlying reality? Markets are not clever, just voting machines reflecting how smart participants are.

Harry Hindsight is the greatest trader who ever lived. He saw the July/August rally was just a bear trap. But, he’s not revealing his thoughts on how much further the market has to correct. Some analysts see mean reversion all the way back to 2008 levels!  

As we start a new week of dismal markets, depressing political news, rising inflation and lots of what next worries… relax.. the Sun will come up tomorrow. Not so sure about the economy though…

Markets look distinctly soft, and vulnerable to further downside pressure. The gaps between value, hype and narrative are becoming clearer – spelling opportunity, but also raising the risk of a crash.

Global Stock markets seem to be living the dream, but under the surface there are serious concerns. In Yoorp the ECB makes its power play this week to confirm its place within the political trinity of States, EU and ECB by effectively handing itself control of the fiscal and industrial policy levers that could power up Europe. No one tell the Germans…