Social mood is out of control on auto-pilot self-destruct mode. Spot the cognitive dissonance:
A Quinnipiac poll says 66 percent of American voters view the economy as "excellent" or "good."
"Do you love bidding up your own stocks while pretending to be wealthy?"
Hell yes!
Today's "best and brightest" are as dumb as a fucking post. Undereducated frat boys schooled in binge drinking and socializing. Human history's largest number of sociopaths succeeded in creating a stampede of dumb money. Good job all around...
ZH: This Has Only Happened Twice: Should We Worry?
"the net position of VIX ETPs has become short over the past few weeks, for only the second time in their eight year history."
the "delta" to a volatility tipping point is now even less: as little as a 3 point move in the VIX:
the biggest concern as a result of this historic net vega short, "is a one-day, end-of-day vol spike."
In the first phase VIX spikes moderately due to adverse fundamental news and then stabilizes for a few days at an elevated level. The VIX ETP investors follow their play-book of selling volatility expecting a mean reversion. However, if at this point, the fundamentals were to deteriorate further, it would create an air-pocket phenomenon where the subsequent spike in VIX could be amplified."
