"Dash-For-Trash" At Its Most Extreme Since DotCom Peak...

The Trump rally's animal spirits might be jumping the shark. The massive outperformance of the 'riskiest' high-volatility stocks over 'stodgy' low-volatility in the last few weeks...

In fact, as BofAML's Michael Hartnett notes, there has been an exodus from low-volatility funds...

 

As everyone and their pet rabbit embraces the "Trump Trade"...

 

But...The usually high correlation between the two 'classes' of stocks has collapsed to zero...

This is the biggest plunge since the peak of the panic-buying extreme risky names during the DotCom boom - right before it all fell apart.