Turns out Justice, who also edits Macro Trader, an extremely successful macroeconomic trading service, is as perplexed as we are by skyrocketing stock prices.
So what is this? Is it the mother of all short squeezes, as such to slay the mightiest of caught-out quant funds, making all past squeezes look positively Lilliputian in comparison?
Is it the blow-off top-of-tops, as every long-only fund manager on the planet loses his mind with fear that the great new bull market is leaving him behind, thus forcing him (or her) to buy with a frenzy reminiscent of Duke and Duke watching their fortunes evaporate in the frozen orange juice pit?
Or could it be, just might it be, the unexpectedly early beginnings of a great new inflationary phase – a paper wind-tunnel destined for the heavens, in which the trillions upon paper trillions pumped into the global economy’s backside result in worldwide equity markets that look Zimbabwe’s?
If the latter, then one might expect the Dow Jones to double – and gold to more than triple and silver to quintuple.