Fundamentally, the stimulus driven rebound in the economy and stocks is severely over-stretched (and forming bubbles in some markets including Australian real estate and Chinese assets markets).
Technically, we are in a replay of the 1930 bear market rally, just prior to the biggest falls over the following years.
Socionomically, the bears have gone back into hibernation and developing extreme optimism signals a market peak is near.
The growing risks globally warn of a myriad of looming dangers yet the herd is becoming complacent on increased risk appetite.
Meanwhile, prudent investors are minimizing their exposure to risk and are getting safe, while they can.