Here's a financial instrument that’s been carving out a series of higher highs and higher lows, lately, notching a 15% appreciation since early August. Believe it or not, it’s that old, battered beast we haven’t spoken of in years -- the double-bearish ETF SRS.
To be sure, SRS has been viciously destroyed for years now, having peaked on a split-adjusted basis at $16,408.77 -- yes, I’m serious -- and is presently trading 99.8% lower than that. All the same, just as Palo Alto real estate seems to be softening, we may be past the peak of this particular bubble.