There is no rational reason to buy a geriatric bull market that has 3-5% upside and 40-50% downside.

But we have finally reached the point where investor risk/reward metrics have absolutely nothing to do with the daily bumps and grinds of the stock averages.

That is to say, the chart monkeys now own the casino lock, stock and barrel. The alternating red and green flickers on the tickers discount nothing real because everything which is real points to crunch time ahead.

David Stockman 12 July  2018