For what this is worth.... To a great, great extent we are at this level on the backs of shorts. We are. One of my all time favorite quotes on ET came from @comagnum ... "The market won't stop going up until every last short is dead". Not sure if he's the first one to say that, but it is in fact true. You guys can take this with a grain of salt, but for the last 3 days, I have watched several "stocks of the day" run way up only to come right back down. The one that prompted this post you can look at right now. $HOME. After a huge gap up yesterday it pretty much flat-lined all day. It closed right at $23 and change. I have been watching hundreds and hundreds of stocks daily for so long I don't care to even remember. By all rights this stock $HOME should have gapped up again and ran some more, squeezing shorts out of their money. I mean its a prime target. There were plenty of shares available to short too. It didn't. Its trading as I type at $17.50. There's about 3 others just like it I just happened to be watching for the last two days. Does it mean anything? I think it does. I think the shorts are dead; but we shall see.
It's interesting to consider that there will be long buyers who will buy the actual top. This time like prior times. Other top signs: - Overhearing immigrants talking about the stock market and their investments - One of Norways biggest female influencers going all in the stock market Note: Not calling a top. I think this can continue further still. PS: My friends who have portfolios not consisting of tech stocks, but so called 'value/dividend stocks' are still very much in the red on the year.