not all the news are weighted equally. e.g. if you weigh a positive news +10, and 2 negative news a weight of -9, the net is still a positive +1. how you weight each news is up to you, but it seems the popular investors gave the market news an overall net positive weight, thus the market goes up. just my 2c.
Just keep shorting all the new tops, you'll see what irrational is then. I don't see why so many here insist on getting in front of a speeding locomotive. If you're a trader then stop calling for tops and whining about "irrationality" and trade. Don't worry - the market will tell you if you're right or wrong.
attributed to Keynes, and sage advice for those trying to call tops/bottoms: "The market can stay irrational longer than you can stay solvent." Calling a top way too early and acting upon that call is at least as bad as noticing the correction too late. Greenspan's irrational exuberance speech was in 1996. If someone had gone short based on those words of wisdom from a supposed expert, they'd have bled to death. Is a correction due? Probably. But must a person need or intend to predict the timing or severity? Perhaps one might position onself to benefit from the continuing rise (however irrational) and also remaining watchful and ready to respond when the correction comes. Perhaps they won't catch the correction right away, but the amount they'll gain from riding the continuing growth while it lasts may offset losses from not catching the correction right away. If you don't understand the difference between directional & non-directional strategies, perhaps this would be a good time to learn. If you're pre-occupied with the timing or severity of reversals, then that might suggest exclusive focus upon directional strategies. If that works for you, then more power to ya. However, if you're sweating it, then perhaps it might be time to take your game to the next level. Caveat: The game at that level does not tolerate posers. You better make sure you do your homework, or you may end up on the wrong end of the Niederhoffer - Taleb spectrum. Merton & Scholes learned that the hard way at LTC.