強欲が恐怖に打ち勝ち、ベアは冬眠状態に



Bears in Hibernation as Greed Overtakes Fear






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Most things change, but there are some things that never change, namely the stupidity of crowds. This can explicitly be observed in the financial markets.


多くのものは変化する、しかし変わらないものも在る、いわゆる群衆のバカさ加減だ。これは金融市場では特に明確に見られる。
Below is the chart of the SPX (orange) and the AAII Bullish readings (white). There is no doubt that the crowd is once again bullish. All spikes since October have resulted in the SPX putting in a local high.

下のチャートはSPX（オレンジ）とAAII Bulish　指数（白）を示す。疑いなく大衆はまたもや強気になった。１０月以来、一連のスパイクはどれも短期的な高値を引き起こした。

The below charts shows the SPX (orange) versus the AAII Bearish readings (white). As the market has spiked higher, all bears seem to have gone back to hibernation. Note we are now seeing rather extreme levels of bears capitulating.


下のチャートはSPX(オレンジ）とAAII Bearish 指数（白）を示す。市場が急上昇すると、どのベアも冬眠に戻る。現在は極端なレベルでベアが降参している。



Soaring markets and Fed´s last magic has killed volatility. VIX has imploded. Frequent readers know our most recent logic on volatility. For more reading click here and here.

相場の急騰とFEDの魔法がボラティリティを殺してしまった。VIXは内破した。私どもの記事を読み慣れた人にはボラティリティに関するロジックをよく理解している。詳しくはこういう記事を読めば良い。
We are watching greed and fear play out closely here as the narrative of markets could change abruptly.



私どもは強欲と恐怖がどうなっているかがここで注視している、相場というのは急変するものだ。



Source; charts by Bloomberg

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