Last week, I mentioned a few ratios covering some behind the scenes stuff relating to perception of risk. They peaked in February with the conclusion that risk was no longer in vogue. The copper/gold ratio and the junk/quality ratio were featured.
Add in the offense/defense index (subscribers know what that is and it may be in Wednesday's column so I won't write it up now) and there is yet another spin on the desire to avoid risk.
Also in Quick Takes Pro (this morning) I covered a few international markets that peaked in February. Back then, just before the Japanese disasters, I started to get quite bearish on stocks. Although I can justify my position now, watching the market rebound like a bungee over the Snake River (you know, where Evel Kneivel gave it a go on his rocket bike) was not only painful in the wallet but it dumped an ostrich egg on my face. (Hey Kahn, you suck! - how quaint).
Battle lost, I admit. But here we are alive to fight again and this time the battle seems to be under control. I suppose the minions will agree with me when the advance-decline finally starts to fall. More likely, I'll get the love when the Dow is down 10% in "correction" territory as everyone looks in the rear view mirror.