Kuwaiti air defenses are actively intercepting missiles and drones: Kuwait state news agency

Yeah, it's hard to imagine either. Though, some news about data center buildout delays and AI token expenditures not resulting in productivity have been surfacing. Not enough to shake any confidence though.

You'd think the fact that SpaceX had a net revenue of -1.6B (-2.6B for xAI) in Q1 would curb interesting. But, nope. It's still expected to be a $1.2T+ valuation....for a company losing money. Insanity at its best!



And yet the KOSPI, NIKKEI, /NQ, /ES, and friends all seem to be making new highs.

The world is believing SPCE is a SpaceX pre-IPO sneaky play and pumping Virgin Galactic? DRAM (ETF) companies have been on absolute rips to the upside with SNDK and MU posting new LTHs tonight.

....If this isn't hyper-inflated exuberance, I don't know what is....

But the SPX posted 9 straight weeks of gains (happens once every 7 years or so). We are on the 8th straight day of green for /es and /nq (and not just little, 0.25% green days either, legit 1-2% days).

I keep thinking that there HAS to be a red candle somewhere, but the largest retracement down overnight here has been 40 pts in the /nq.

I still believe the market(s) has room to run to the upside by year's end, but a LITTLE consolidation/pullback toward the 20day MA would be very much welcomed at this point.....just to convince the world that this is not a runaway train that is BEGGING for a massive selloff.

Heck, even the tariff markets had multiple 5% drawdowns during the extended rally. It kept things 'honest' and allowed for some dip buying. Today, you have 0.5~1.0% to buy the dip before it is gone.

We've got to be approaching the end of the frenzy stage of the AI hype-cycle. Calling the top may be tricky, but people should have a plan for when this goes south. I've been reducing exposure for months, and have obviously missed some of the upside but feel safe(er). If I'm wrong, so be it, but at my age I don't want to be starting from scratch.

It has been crazy before, but that was 5000 dot com companies saying they were going to return massive amounts. So, you just threw money at the wall and hoped one hit. Now, however, we're talking about single companies being larger than all the dot com companies combined at IPO, let alone established companies and their valuation(s).

I guess you just have to wait for a pullback and get long the ride, but pullbacks are hard to come by these days....and by the time one occurs, it's highly possible that the entry level will be HIGHER than where markets are right now.

FWIW, did you see the SpaceX prospectus? Estimated TAM for the company is listed as something on the order of $26T USD. That's not a typo. Insanity (both that a TAM might actually exist that is so large AND that a single company believes/is selling the belief that one company can address that size of market).

Gold