by Stefan Gleason
In the current market environment, little else matters other than momentum. What’s moving up gets chased higher still by investors. And what can be moved up by any means is pursued by speculators who hope to jump-start a momentum trade.
It’s all being fueled by cheap money and government “stimulus.”
The U.S. stock market trades at an historically high premium to GDP (the so-called “Buffett indicator”).
Speculative trading frenzies in stocks such as GameStop defy any kind of fundamental analysis.