Max Pain Market

Upside Pain

This tape is increasingly starting to feel like one giant performance panic. Everybody knows parts of this market look stretched, yet underexposed investors keep getting forced further into upside chasing as semis, AI names, and call flows continue melting faces.

Post-shock melt-ups have historically lasted far longer than expected. Just like after SVB in 2023 and the tariff panic in 2025, what initially looked overextended kept squeezing far harder and far longer than most expected.