LOW-VOLUME LEVITATIONS

Why peak optimism was last month and an idea for somewhere to hide

Well, I got defensive a couple of weeks back, and that’s increasingly looking like a complete flub. Rookie mistake. Don’t I know that stocks only go up?

Stock markets are running like they stole something - with American stocks especially closing at record high after record high. The rally has been so strong, the S&P 500 ETF just did something it has …