I, Who Vowed to Never-Ever Short Stocks Again, Just Shorted the Entire Market | Wolf Street

In my decades of looking at the stock market, there has never been a better setup. Exuberance is pandemic and sky-high. And even after today's dip, the S&P 500 is up nearly 29% for the year, and the Nasdaq 35%, despite lackluster growth in the global economy, where many of the S&P 500 companies are getting the majority of their revenues.

Mega-weight in the indices, Apple, is a good example: shares soared 84% in the year, though its revenues ticked up only 2%. This is not a growth story. This is an exuberance story where nothing that happens in reality -- such as lacking revenue growth -- matters, as we're now told by enthusiastic crowds everywhere... The unanimity of it all was astounding. I've seen this before, but not in this magnitude.