The major market indices have made or are near new highs and no one is happy, and that’s because we want a correction, not a rally.
The philosopher, Kierkegaard said that dread or angst is a desire for what one fears. Louis C.K. knows this, and though he understands happiness is within the moment, he does not live there. He is thinking ahead, all the time, and that is where dread resides, outside of the moment and just around the corner. That’s what traders and money managers do, think around the corner. They are anxious by nature, too, although they are skilled at hiding it, otherwise they would be selling small arms and seed. Sometimes, however, a little of the ever present, rarely expelled market angst seeps out like a gas leak into the media and onto the floor of the exchange, you can see the noxious effect in Bob Pisani’s eyes. My broker friend, Phil told me the other day that he senses a disturbance in the force.
It may be the lack of volume or a fundamental picture that is improving but hasn’t improved enough, or simply trader fatigue. I don’t know. This is what angst does, it fatigues you, sets you to ramble mode, soon you’re looking at charts and spreadsheets and wondering what Louis would do. Somebody needs to monetize mobile, and quick.
(Disclaimer: This column was meant to be humorous, with a small underlying measure of insightfulness. It does not reflect my base feeling of optimism about the market or my positive outlook on life. So to all my friends and family, stop texting me, everything is fine.)