The Last Leg Of The KOSPI Mania Is Missing

KOSPI Mania Isn’t Done Yet

KOSPI isn’t just rallying, it’s running away. A 5% squeeze overnight, up nearly 40% since March lows, and still not at the kind of extremes that usually mark a top. Shorts are getting carried out, momentum is building, and the move is starting to take on that familiar late-cycle feel.

This is stretched. Everyone sees it. But manias don’t end because something is expensive. They end when positioning is exhausted.