Summary
- The S&P 500 just crossed 7,400 for the first time, AI memory names have multiplied severalfold in months, and the most anticipated IPO of the cycle is approaching.
- Beneath the surface, the options market is flashing two opposite signals at once.
- Crypto’s quiet weakness may already be pricing something, and there are two scenarios for when the bubble pops worth watching closely.
Walter Cicchetti/iStock Editorial via Getty Images
U.S. equities are in a vertical phase. The S&P 500 just broke 7,400 for the first time, up roughly 27% over the past twelve months and more than 15% in a six-week stretch. The Nasdaq-100 has gained close to
