One of these is an overloaded top-heavy vessel afloat on an ocean of liquidity and the other is a container ship.
Chart 1
[2]
Chart 2
[3]
The relative size of margined buys vs margined sells on the 3 major Japanese stock exchanges was last this high at the very peak of the TOPIX in 1999... The velocity of the momentum-chasing tom-foolery is also just as bubble-like as that period...
and what is perhaps more insightful is that the 22% drop from early May has seen an even more exponential pile-on of BTFD'ers (right hand pane of Chart 2) - we humbly suggest that perhaps the chasers have got a little ahead of themselves this time...
Which one of these charts would you rather be the passenger on?
Charts: Bloomberg