FOMO is the Fear Of Missing Out. It is the only reason I can think of for this continued market advance in the face of a economic newsflow that shows rapid weakening, other than of course another massive liquidity injection by the Bank of China.
The semiconductor index is a mystery inside the main enigma. Even the Russell 2000, usually the highly volatile home of small speculators, is under-performing the S&P, as are both the NDX and the broad Nasdaq. Yet the semis are up 1.3% as I write, even after more than 7x gains since the beginning of the bull, while the industry is foundering in the face of lackluster demand. Bizzare.
Financial Reality 