Wall Street Is Panic Buying Upside As Protection Collapses

The Melt-Up Psychology

The market continues behaving like a classic late-stage melt-up, where every dip gets aggressively bought, upside exposure keeps getting chased, and fear of missing out matters far more than fear of downside. Positioning, flows and options activity increasingly resemble the reflexive dynamics seen during the latter part of the 90s.

The market still looks completely addicted to upside, but late-stage melt-ups often look strongest right before volatility finally comes back.