...high complacency suggest everyone is All-in, and we have an overcrowded room.
...all it takes is one negative catalyst to jolt their complacency.
...whether that be a stubborn Fed refusing to pivot, a downside guidance surprise from one or more of the megatechs, or a geopolitical event or US election dramas to unfold.
...does not matter what I say, most would just wait until it happens before their eyes. Because the markets have been resilient to climb a wall of worries so far, so people get complacent and apathetic. Most have very short memory - because we want to have a glass half full mindset.
