Another day, another historic high.
The Dow came all the way back and then squeaked out its seventh consecutive positive close. I know exactly what is taking place beneath the surface today, having spent most of my time the last two days talking with anxious people – people unwinding bizarre hedges, massive bond allocations and, above all, monster hoardes of cash. I don’t care what the “experts” think, I am seeing it with my eyes and hearing it with my ears.
Millionaire desperation en masse is quite unlike anything you’ve ever seen.
Joe Weisenthal has all the color you need here regarding today’s market action and news:
In the meantime, I’m on CNBC’s Fast Money tonight at 5, we have a great show planned tonight, hope you can check us out!