Forced To Chase

Forced To Chase

This market is increasingly starting to feel a bit bubbly, but the squeeze dynamics underneath it continue to force investors to chase upside. The similarities between the post-SVB rally in 2023, the tariff rebound in 2025, and the current Iran-driven volatility regime are becoming difficult to ignore.

In all three cases, markets violently rebounded from early-year shocks and then continued to grind far higher than most expected. Call chasing, insane AI momentum, and systematic upside chasing now completely dominate the tape.