In case we haven't noticed, speculative exuberance in ASX is...

In case we haven't noticed, speculative exuberance in ASX is barely noticeable, despite the rage in Wall St. For speculators and traders, it hasn't been much of a bull market.

Why so?

> Much of the speculative activity in the small and mid cap space is centred around resource stocks. Resource stocks are after all the space that have in the past produced multi-bag returns, a feat that generally can't be replicated by non-resource sectors. So this is where speculative traders continue to dwell. BUT resource space is largely dead without a 'breath of fire' from China and this is largely why we are in the doldrums.

> Centre of activity has been around lithium and gold. Lithium is going through a winter hibernation now, plenty of stale bulls there while gold stocks are your best definition of a yo-yo and broadly been underperforming Gold for a variety of reasons covered in this thread. Beyond lithium and gold, the speculative money is a bit lost ,..maybe they've gone into Bitcoin. And quite interestingly, into large caps like BHP and CBA as well, maybe aiming for a quick 10% return (speculative money a little desperate now so a quick 10% is still good).

> But perhaps, watching from afar, local market participants are increasingly wary about the global equity market outlook given how stretched they have been. And many have had to lick their wounds from untimely speculative forays in the past. The constant blindsiding moves of 2023 is seemingly gone with return of animal spirits in Wall St, but we can't help feeling anxious that the mother of all blindsiding could be close by catching unprepared complacent market participants with their pants down.