Here is a chart that is sure to drive my pal Paul a bit batty: The Dow in Gold.
While these sort of bananas priced in herrings occasionally can provide some insight, just as often as not they are confirming an existing bias.
DID THE BULL RUN END IN AUGUST?
Source: David Rosenberg, Gluskin Sheff
As much as I disagree with David Rosenberg’s market posture the past 2 quarters, I am cognizant that he raises a very valid point when he notes:
“The latest Investors Intelligence poll shows the bull camp at 50% and the bear camp at 16.7%. That bear-share is down to a six-year low. Note the current level on the VIX index, it is at 21.12 — complacency reigns.”