Lately we have been hitting new highs in Nasdaq and SP500 while all kinds of negative things are happening and earnings arent exactly keeping up pace. Even intel is year to year doing nothing in earnings but the difference is the PE is 13 vs 10 when it was a big bargain. Intel of course long term undervalued but also unable to deliver fast enough a response to earn a super rally. But intel is not the point here.
The market is the point. If intel and the market are not allowed to correct properly after these runs, i anticipate an elevated crash risk because the market is behaving irrationally lately given all the political bs going on and the already big run up this year and the global issues that are going nowhere great any time soon either.
I do not trust at all any near term intel move higher without a serious decline towards 23 first that persists for more than a stupid 1 day after a run up for more than 9. But it is mostly the indexes that need to decline in a healthy manner here in order to avoid something a lot worse later. There is no fear out there given not so great climate and this has to be very alarming if any attempt for correction is rejected. It is not healthy for a rally to not have frequent and violent declines/breaks every few weeks especially given mediocre quality news.