Naughty Complexity
Week 08 - Naughty Post
I highly recommend using the link to view these posts in a desktop browser. Substack limits the size of emails, and since I use a lot of images, some readers have been missing important data by only viewing the truncated email.
Now that I have gotten rid of most of you just by posting this awful chart!!
Small caps after rallying hard in 2020 after the March low, stalled around Feb/Mar 2021.
With the stalling of the index we then got the meme’ry in June around AMC and GME etc very similar right now to the SP500. When the vessel the index is gripped between two boundaries what’s inside it, the liquid if you will, can get pushed around in different directions. If something big enough pokes up in one direction then lots of small things have to poke down in another.
They didn’t crash we had to wait until the end of the year for all measures of trend to be broken at once, then again the same thing in Feb last year.
Where are we?
Well most of the people that were very Bullish at the start of 2025 are now rather bearish…
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