Markets have rocketed higher for six straight months — but how long can it last?

Hedgefund Telemetry founder, Tom Thornton joins Lance Roberts to unpack the forces driving this “Rocket of a Stock Market.” From AI euphoria and sector rotation to passive indexing risks and the Fed’s impact on valuations, we dig into what’s really happening under the surface.

0:18 - INTRO

2:50 - The Rocket of a Stock Market

5:37 - Market Volatility & Opportunity in AI

I7:14 - Interning During the Crash of '87

8:21 - Forward Earnings Expectations

9:35 - The Broadening in the Market - Energy, Materials, Consumer Staples

11:42 - Sector Rotation is a Real Thing - What if AI comes under pressure?

13:26 - Market Cap Concentration Concerns

16:02 - The Y2K Panic Buying pulling forward consumption - Similar in AI?

17:50 - Tracking Investor Sentiment (Bullish Sentiment chart)

20:36 - Tom DeMark Indicators - S&P and NASDAQ 100 PE Multiples (Chart)

23:03 - When S&P is Within 5% of ATH... (chart)

24:30 - Most-shorted Baskets (chart) - showing what speculators are buying

27:30 - Mag 7 daily & Weekly (chart)

31:35 - What Technicals Tell Us about Managing Risk

33:18 - Valuations at Elevated Levels: Apple & Nvidia (chart)

36:01 - Multiples that make no sense - Palantir & Tesla (chart)

36:55 - Waymo vs Tesla

39:15 - This Level of Concentration is New (chart)

41:23 - US Households are "All In" and Leveraged (chart)

42:40 - Leveraged ETF Data

43:56 - Short Term Options trading is Gambling (chart)

45:43 - % of Stocks About the 20, 50, & 200-DMA (chart)

49:18 - 6-straight months of market upside: When do you run out of buyers?

50:30 - Expectations for EOY? Bubbles don't deflate; they pop.

52:17 - 2026 will be difficult to continue strong momentum without a decent correction

52:44 - Where's the risk?

56:18 - Levered Obesity

Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA

Produced by Brent Clanton, Executive Producer

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