Perhaps better than the words I constantly use, the bipolar action of late is best represented by this chart below.  5 weeks ago everything was fine, 3 weeks ago the world was ending, now everything is fine again.

Risk on, risk off

Student body left, student body right

Lemmings jump off the cliff, lemmings run in glee through forest of green

I guess a generation raised on Ritalin which grew up on video games and bathed in instant gratification but with an attention span of the average 2nd grader, has now created the perfect market... for themselves at least.

[click to enlarge]

Below, a conversation overheard with one institutional desk trader (unfortunately the conversation was with himself)

I want risk on!

No, I don't!

Yes I do!

I can't take the risk!

I'm all in!

Get me into cash now!

I need long exposure, immediately!