Stocks soaring. Currency collapsing. Foreigners dumping equities. Retail traders maxing out leverage. Semiconductors exploding while the rest of the economy barely moves.

Stocks soaring. Currency collapsing. Foreigners dumping equities. Retail traders maxing out leverage. Semiconductors exploding while the rest of the economy barely moves.

...reinforces the market’s growing awareness that some of the recent upside was not purely discretionary fundamental buying, but was also being amplified by product structure and…