A week ago, I wrote that the “melt-up” might be beginning. Well, since then the financial media have gone into melt down mode. Talking heads have been buying stockpiles of food at Costco. The end is nigh.
Perma-bears have come out of their caves. Screams of joy were heard last night, ricocheting down the empty streets of Permabearville:
“CNBC returned my call” – “CNBC returned my call”
“They want a doom and gloom guest” – “They want a doom and gloom guest”
Calm down people. Look at this Thomson Reuters data pulled together by the Financial Times (paywall):
Source: Financial Times
Don’t freak out.
Don’t liquidate everything.
If you are panicking now, you have no chance of jumping back into the market when the panic really sets in.
Relax. Take it easy.
Don’t take my word for it, take MIKA’s.