How Extreme Is 2023’s Bullish Sentiment Shift?

Notwithstanding tentative signs of exhaustion over the past two weeks, the story of 2023 in equities is a tale of renewed bullish sentiment and re-positioning. That sort of thing has a way of feeding on itself. As rallies run, anyone left behind is tempted to chase stocks higher, which can exacerbate underperformance for those wary of getting pulled in themselves, forcing them off the sidelines too. Their participation pushes things further still, and so on. The ostensible disconnect between r