Just because we’re seeing an economic slowdown amidst very high inflation in a Fed tightening cycle against the backdrop of a war that could draw the US into armed conflict…doesn’t mean the market has to react rationally.

Stocks were up sharply yesterday because they’re still driven largely by algorithms. And, yesterday, the algos were focused on the fact that VIX broke down. In fact, if you invested according to VIX’s gyrations, you’d think there’s absolutely nothing to be concerned about in the investing world.

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