It's Deja Vu, All Over Again: This Time Is... Completely The Same

It was the deep of winter... CNBC was talking about "animal spirits", had just touted "the best January in 14 years", was quoting Raymond James' Jeff Saut as saying that "The market "is amazingly resilient, and is no longer overbought" and desperately doing everything it could to get retail back into stocks, and was succeeding: retail inflows into stocks were surging and seemed unstoppable... The Chicago PMI had just printed at its highest level in decades... the VIX was dropping fast... Stocks were soaring... Bonds were sliding... NYSE margin debt had just risen to the highest level since 2008... A few brief months earlier the Fed had unleashed a new, massive round of unsterilized bond buying...  Bank of America was blaring about the "great rotation" for stocks, and yes - just shortly prior "global currency warfare" had broken out. Name the year?

Read more: http://www.zerohedge.com/news/2013-02-01/its-deja-vu-all-over-again-time-completely-same