The markets are ‘acting stupidly.’ I’m very light in them at this point.
If it were merely “stupidity” motivating the markets, then objective reality would eventually cause reconsideration, and necessarily a re-commitment of resources to more productive endeavors. However, what is happening today is not the result of mindlessness or frivolity, but of purposeful actions on the part of some who are merely content to glean short-term profits from irrational yet predictable events, and more to the point, by others committed to an ideology driven largely by an insatiable desire for the unearned.