The Melt-Up Keeps Sucking People In
The Melt-Up Keeps Sucking People In
The upside chase keeps pulling investors aggressively into AI, semis, momentum, and upside volatility. At the same time, breadth keeps deteriorating, downside protection is getting abandoned, and several positioning dynamics are quietly building dangerous downside convexity if markets suddenly reverse lower.
The melt-up keeps getting more crowded just as downside protection gets cheaper.