There's Optimism Everywhere Except Gold

There's optimism everywhere except when it comes to gold and that's the one place where people should be optimistic and it's the one place they're not. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), iShares Silver ETF (SLV))

Investors Are More Convinced That They Can't Lose Than At Any Prior Time ($VIX, $SPY, $VXX)

If you look at that the VIX is at all-time record lows so investors have never been this complacent about the US stock market ever and pretty much all of those measures that measure fear and confidence are at the highest readings they've ever been even though the US stock market is extremely expensive and it's only been this expensive during previous bubbles, near the peaks of previous bubbles. But what's different about this bubble is it’s bigger but people are even more confident now that it's not a bubble. You have less fear, less anxiety, investors are more convinced that they can't lose than at any prior time despite the fact that ww actually probably have more risk now than during any of the previous bubbles.

Stock Market: Optimism and Enthusiasm

Markets continue to move up day after day, it's almost like a melt up at this point of optimism and enthusiasm despite the enormity of the problems that everybody wants to sweep under the rug and you got a mountain of stuff already underneath it. I think the newest catalyst that is fueling the euphoria is the anticipation of these tax cuts that are coming. (SPDR S&P 500 Index ETF (SPY), iShares Russell 2000 Index ETF (IWM), Nasdaq 100 Index ETF (QQQ), SPDR Dow Jones Industrial Average ETF (DIA))