As I grow older I am convinced that about eighty percent of life is not only having the ability to quickly recognize a true narcissist in business and romance, but to also then have the ability to quickly cut ties and distance yourself from that person--Failure to do so has caused much pain and unnecessary suffering to some very good people, even ruining them altogether.
But when it comes to markets, we simply must to deal with the nonsense in the here and now.
The good news, as history teaches us, is that markets are constantly changing, particularly when it appears like they have reached a "permanently high plateau," which is an exact, famous quote uttered just prior to the 1929 crash.
Some elements of the narcissist (and apply them to the current market, still likely levitating on the excess trillions pumped into the system pre and post-pandemic):
Signs and symptoms of narcissistic personality disorder
-Grandiose sense of self-importance
-Lives in a fantasy world that supports their delusions of grandeur.
-Needs constant praise and admiration.
-Sense of entitlement
-Exploits others without guilt or shame.
-Frequently demeans, intimidates, bullies, or belittles others.
Again, as an exercise, try to apply the above elements to the current market. I think you will find an uncanny resemblance.
The bottom line is that as names like MSFT flaunt one of the biggest performance chases in market history, the worm will turn, most likely in early 2024 at this point. NVDA earnings tomorrow evening may be a tell whether we have any holiday surprise downside fireworks, or instead the normal holiday drift before we see if 2024 brings reality back into focus.
Regarding the here and now, uranium is acting well on the long side. And I have an eye on the oil services names for bounces, given the crude rally off the USO ETF 200-day moving average.
