Look at how tradable that was. Just obvious after the first flag. Quote from someone who survived Argentina: "Buy anything - a car, an airplane, a gun, a clown suit"
In Latin America long running joke was you paid your cab fare (pre Uber days) when you got in because the price might be much higher by the time you got to your destination.
The rationale doesn't have to be inflation -- could just be FOMO. There are some who think there is 1 massive leg left in the secular bull market which will go parabolic -- and end the bull in dramatic fashion. I don't rule this or just about anything out, but I do believe we have seen the lows for the year.