I’m watching a classic blowoff in the major market averages. The last time I saw anything remotely resembling this kind of market action was in 1980, when gold roared up from $700 to $1,000 in less than a week and then collapsed. Meltups are rare. They happen when the crowd loses all sense of perspective and lunges madly at the market, panicked that the train is pulling out of the station without them.
This is a very dangerous time for stock investors.
No one should consider any part of this presentation as a recommendation to buy or sell any securities whatsoever.