In an attempt to remove ourselves from the sound and fury of the current market agitation, we notice the very interesting juxtaposition of two quantifiable facts:
1. Fear levels, as measured by a variety of generally reliable statistical gauges, are continuing to register extremely high levels, with some recording the highest levels in almost 30 years;
2. Statistical measures of "smart money" -- particularly of Insider transactions -- are registering extremely high levels as well.
Unlike our illustrious former Fed Chairman, we will decline to label this a "conundrum." We think the statistics speak for themselves. (Please forgive us, George Santayana).
