The key theme of Michael Hartnett's Flow Show last week was his observation that market moves such as this one - a 25% surge in 5 months - have only happened at extreme events: either during recession lows (as in 1938, 1975, 1982, 2009, 2020) or at the start of bubbles...
... and since the politicized NBER would never admit that the US is in a recession just months before the election, the only conclusion we can reach is that this is, in fact, a bubble (not like one would need much convincing after seeing the price action in tech stocks in recent months).
