Because now that people have more confidence in the market, there are hundreds of other stocks for them to buy. When the market is crappy, all of the money flocks to a handful of stocks. That's what often makes AMZN a contrarian play.
"It's called rotation --- and it happens at the end of rallies."
We are splitting hairs. Both of us believe the S&P will be lower than 930 in the not so distant future. I just happen to think it overshoots the top first. The S&P bumped up against the YTD high today. I think very shortly it will go over the 200 day ma at 940. That will cause a round of covering which will take us to the top IMO.