I'm Calling Bullshit
I said it, now I'm proving it.
Markets are near all-time highs again, but the internals keep telling the same story: this isn't euphoria. It's disbelief and structural. And it's not done.
We've now seen multiple sessions where pullbacks get bid up instantly. There's no fear, but there's no mania either. Just mechanical flow, systematic bid, and a total absence of bears with conviction (they are slowly covering).
In case you missed my latest educational post, take a look below. Some have said it’s my best post ever.
ETF share of volume is pushing extremes. Vol remains soft (but heightened), dealer gamma is still long. The systematic (specifically trend followers) bid is intact. And futures length remains well below past highs, even as we sit at the highs.
You want the truth?