NO FEAR

Remember when those two words were popping up all over the place, whether on T-shirts, Bumper Stickers, Skate Boards, etc.? It was like so many other fads that have come and gone although it is apparently back in vogue, at least when it comes to the lemmings that the Fed has piped into piling back into equities.

Take a look at the Complacency Index as I like to call it or the "Fear Index" as others have dubbed it- the Volatility Index. It reached levels in today's trading session not seen since April 2007, that is a month shy of SIX YEARS AGO!

Wall Street hasn't a care in the world and apparently the sky is the limit for the equity indices. And I used to think Wall Street loved Easy Al (Alan Greenspan)! They are so in love with Uncle Ben (Ben Bernanke) that I think we are going to see them start naming streets after him in New York's financial district.

I have said it before and will say it again, you cannot fight the tape on this rally in the equities. Everything we ever learned about being able to print your way to prosperity is obviously utterly wrong; the modern day alchemists have proved that not only that it is, but that every age/generation that has ever come before us completely missed the mark.

The Central Banks have managed to create an environment in which Bear markets are a thing of the past, never to be witnessed again in our lifetime. And Yes, Virginia, there really is a Santa Claus...