Zeev's Turnips Patch-No Politics (ZEEV)

[mlsoft]

"mlsoft, how many times in the last 20 years have we had a self-sustaining rally starting from similar valuations? If we have, to what ridiculous valuation levels would the market get before retracing?"
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MKT entropy....

You are assuming fundamentals, like valuations, have meaning here - they do not. And this is a bear market rally, not a new bull market. As for examples of self sustaining rallies starting, I am looking at two legs off of the July "bottom", two legs off of the October "bottom", and two legs so far in this rally. The reason I point to those rallies in particular is that they all were driven by the same factor that is driving this one - AG.

Valuations had nothing to do with the earlier rallies and they have nothing to do with this one - until it dies, and then valuations and fundamentals will matter once again.

Just my opinion, though.

mlsoft