ALBERT EDWARDS: Ignore the bitcoin bubble and pay attention to what’s going on in the stock market
Albert Edwards has a new warning: Stop focusing on the bitcoin bubble, and look instead at what’s happening in the equities market.
…the “the underlying profits recovery looks increasingly fragile and indeed on some key measures a rapid deceleration is underway.”
“Amid all the focus on the parabolic rise of Bitcoin it has gone almost unnoticed that, following its rapid ascent, the main S&P Composite index is now most overbought since 1995.
…”As well as overvaluation, we showed recently that the extreme bullishness currently prevailing among professional advisors has not been seen in markets since (just before) the 1987 crash,” he writes.
PG View: It might be worth considering taking some money off the table in stocks and diversify with some gold!