(For Those Who Want To Know What I’m Watching) I had an interesting conversation the other day I thought I’ld share. I’m going to express it like I usually did back in the day, in conversation form. Here it is… Them: You know I was highly doubtful about your call back in October about things…

Below is the chart I’ve been notating for years. I’ve left most of the prior notes on it because they’re meaningful to those that have followed my calls over this period. For those that haven’t they’re there in relation to what everyone was saying about how it was going to do nothing but go higher…

Don’t mistake the “markets’” composure for stability. It may be nothing more than duct tape holding the illusion together. More often than not, outward calm is treated as evidence of strength. A steady earnings call.Measured executive tone.Margins that hold quarter after quarter.Guidance that rarely wavers. These signals create a powerful assumption: if leadership appears composed,…