An interesting while highly unusual development in one sentiment indicator: CNN´s Fear & Greed Index peaked in July at 75 (with practically all components at "Extreme Greed"), which was perfectly in line with a rising market.

But since then it went continually down, opposite to the further and further rising market. With 33 it´s now clearly in the "Fear" zone --- while the market was rising all the time since, and still is.

The for me only explanation for this completely contradictory developments of the last 2 months: FOMO. Everybody still holds on --- but feels more and more uncomfortable in doing so. Now even holding on while feeling not just "uncomfortable" but while being outright scared. Looks like an elastic band which is more and more pulled at on both ends --- until it snaps.