Are people trying to get in and out before the crash to make a quick buck, or are they long and hope to buy at a position cheaper than hypothetical post-recovery prices?
I personally believe we have gotten to the brink of chaos. Foxconn has major issues getting employees back to work, and Apple has shut down stores in China, but AAPL stock is up. AMD is taking market share from Intel, but INTC rallied almost 10% on earnings. Iran launched missiles at a couple of bases housing Americans, and the market rallied the next day. Boeing stock is trading more than double where it was when the 737 Max 8 took its maiden flight. Everyone mentions in passing that equity values are inflated but nobody seems to give a damn.
Maybe people have gotten burned so many times fading the rally during the past three years that they've just given up on trying to call the top.
My money says it's all going to come crashing down eventually. Markets can remain irrational longer than impatient traders can remain solvent, but they have a way of normalizing sooner or later.
https://old.reddit.com/r/wallstreetbets/comments/f4a5kp/how_...