Hi Neil, Bonds have a cozy feel to them when market risk is higher.
It's our small to mid cap stocks that are really showing huge speculation right now. It now takes a 62% gain over the last 13 weeks just to make the "best" list in VAlue Line. It only takes half that to make the Worst list. This sort of imbalance occurs and can even last for a while but is indicative of speculative activity. 16 out of 50 stocks on their "best" list are up over 100% with two being up 600+% and 3 of them up over 200%.
Obviously those stocks won't keep up that pace forever. When the speculative money moves on, the smaller cap will suffer a bit. With luck, those speculative $$$ will move to some other sector I happen to own!
:-)
Best regards, Tom