Still Going

Hi Friends,

The S&P 500 index continued its string of all time highs today, advancing another 0.75% today:

The markets have been "quietly" hot recently, which is to say that there have been fewer large swings grabbing the headlines, and has been a rather steady ascent with less volatility than usual. I cannot put my finger on the lack of volatility, except to say that investors are not worried or making rash decisions right now, which can cause the markets to yo yo.

That lack of fear is good for the markets but also is a bit of a red flag that, when the volatility does come, it will be worse than usual. Time will tell, but at the moment, all seems to be going relatively well. It will be interesting to see if, during the next run of market volatility, what will happen to Bitcoin - will investors go there as a digital gold safe haven or will it be shown to be an asset class that is more subject to overall market declines. Of course, after going up 10x, it will be more likely to experience a drop if the overall market drops so perhaps now is not the best time to test that hypothesis anyway.

Thanks for coming by,
Brian