If You Open That Door...

Compare and contrast a recent Yahoo Financial article versus the infamous Irving Fisher quote less than two weeks before the 1929 crash, respectively below. 

You are welcome to call this doom and gloom posting if you like. But the fact remains that, objectively, these types of declarative statements about markets in such a cocksure way, about "new normals" for high stock valuations and about "permanently high plateaus" about stock prices, are not occurring during market bottoms and almost never during the middle of a trend. Indeed, the similarities are striking and has me thinking that a sharp unwind in October is still on the table. 

As for the tape today, gold is still defying gravity but remains under-owned and under-appreciated on a long-term basis. The pet rock is likely revolting against historical blunders in both fiscal and monetary policy. 

Speculative mania in APP HOOD WOLF, among others, is front and center today. Regarding HOOD,  one can only conjure up historical comparisons to 1920s bucket shops with the retail gambling fervor, another historical parallel. 

Overall, a looming potential government shutdown seems like just another non-event the market is ignoring. But, then again, that is what happens during complacent melt-ups in the Nasdaq. With bold calls to ignore overpriced stocks and to even embrace/chase them up, one should remember history suggests that once you open that door, there is no coming back.