“Still nosebleed long,” grunted Bulldog, selling a few S&P puts for sport. “Bought more stocks, and now I’m buying bonds. Not as a hedge, they’re both going up,” growled Dawg.

“The Baby Boomers are still too nervous about this market, Gaza, Russia, China, Iran. They got trillions sitting in money market funds. But at some point, as stocks rally, these Boomers are going to get FOMO.” That’s when the last leg higher takes off. “It’ll be parabolic. The talking heads will go nuts. VIX will hit 10.”