Goldman, Blackstone, Glencore and Facebook. What do they have in common? They all sold the Top.
Another no volume, no action day added. People have been busy buying lately, and volatility has collapsed. We are hearing the Goldilocks scenario about to unfold, while junior quants are telling us “time to sell vol”. Whatever one thinks of the market, please review what the market did did after the Real Smart Money sold. In 99 Goldman Sachs went public, in 2007 Blackstone went public, in June 2011, Glencore went public. This time, Facebook might just be selling the Top. On the other hand, many think “this time is different”….