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Not that it matters much. The bubble is fit to burst by itself.
Melt-Up Cracks
Semis are finally wobbling just as positioning, leverage and momentum remain dangerously stretched. The crowd kept chasing upside instead of hedging downside, while the same reflexive flows that powered the vertical melt-up are now starting to work in reverse. At the same time, gold is approaching a major technical inflection point again, while Europe keeps looking like the macro weak link as geopolitical stress quietly builds underneath the surface.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.