It Ain't All Waiting on You, Elon. That's Vanity

The arrogance and vanity shown by Tesla CEO Elon Musk last evening in the quarterly earnings conference call may very well have been raw (plant-based of course) meat for TSLA die-hards and Musk's sycophants.

However, it also seemed to be a sobering moment for most tech bulls that the bull market may be long in the tooth with Musk's behavior being Exhibit A of the type of conduct you see from charismatic, outspoken CEOs at market tops much more than at market bottoms, or even during a market's innocent climb up the wall of worry. 

While it may be a stretch to say that Musk's conduct last evening spawned this morning's selloff, the reality is that a modicum of humility on Musk's part would have been much more consistent with a corrective market trying to bottom in lieu of one, perhaps, on the cusp of a fresh leg lower into the infamous May/June period for stocks as we speak. 

Extrapolations aside, the small caps in the IWM giving back all of yesterday's gains and then some is a glaring chink in the bulls' armor now, since their recent outperformance was seen as a sure sign that the market looked and felt much worse than it actually was.

But with banks like GS cratering and the VIX still under 20, we may very well need to shake off some of that Elon-esque complacency in the market before we arrive at a moment in time where we can become more serious about scooping up some relative standouts on the long side.