Green Shoots of Upside Panic
It's starting
We are starting to see early signs of upside panic. In early December (here) we pointed out that: "...we need to see spot up/vol up kick in before calling this a proper bubble". This dynamic has been absent during the melt up, but we are seeing green shoots of the spot up, volatility up market. Watch this closely, as only real upside panic will be able to reverse the squeeze.