In a normal market environment, the higher the indices go the more euphoric the mood becomes. That is not the case in the current market. The higher this market goes the more that many market players wonder how much longer it can last.
Typically bulls find many good rationalizations for market strength. Back in the bubble days of 1999-2000, there were very creative attempts at valuing internet companies bases on metrics like page views and clicks. The bulls embraced those arguments and pushed stocks to unsustainable levels.
In the current market, many of the participants attribute the strength to the liquidity created by central banks. However, there is a large faction of bulls that are skeptical of the market action but they embrace the action because they have no choice. They are puzzled by why things like the coronavirus and slowing GDP hasn't mattered but they have to stay long because that is the only thing that works. As the market goes higher, they don't become euphoric. They become increasingly confused by the seemingly irrational action.
This morning the indices are hitting new all-time highs again. Breadth was strong with 4800 advancers to 2280 decliners and there is over 600 new 12-month highs. It is pure momentum and so far the opening gap is holding up well but there isn't much chasing.
As the market continues to go higher it is increasingly difficult to find new entry points. Folks that are throwing money into ETFs really don't care but if you are a trader trying to find trades with a good risk/return ratio this is a very tough market for stock picking. I did add some Recro Pharma (REPH) today but I'm doing very little buying right now.