The Bubble is Still Intact
While the S&P 500 at the moment at 4370 (at 9:25 AM CDT) is down some 175 points from the all time highs, the fact remains that the Bubble is still intact by my reckoning. While the early indications (SPX / US10Y) that we have talked about recently, point to a Bubble Burst, the strict measure that I am looking at for confirmation (The 50 day average of the SPX / Dollar) is holding on to the Rotation talk. It is interesting in the push by CNBC to describe any market declines as ROTATION these days. I suppose death could now be called a Rotation into another realm.
We will keep you up to date as this process unfolds.