The Market Is More Expensive Than It Looks. Tread Carefully

Parents of teenagers demanding driving lessons will quickly reacquaint themselves with what some car manufacturers call the passenger-side assist grip. The more popular name has three words starting with “oh” and ending with “handle,” with an s-word in the middle that shan’t be employed here. Stock investors could use an OSH right about now. Up 8%, down 5%, down 4%, up 6%—these are just a handful of the single-day herk-a-jerks since the beginning of February for shares of America’s largest company, Nvidia. The broader S&P 500 index this past week had briefly slid 9% from its January high, then rocketed back several points, and was last seen trying to decide on its next adventure. Read Full Article »