To bring nuance into the discussion, you also have to dissect the market into the forces that actually move/influence it, which are the large institutions and funds. Are they buying (because they see a swift recovery)? Or is participation in the rally overstated/poor and is largely being driven by retail investors on relatively thin volumes (compared to the big drop in March)?
If you are a bulge bracket fund manager or a passive index fund, you may very well be buying mechanically and/or feeling more optimistic than the average retail investor since you are quite divorced from the situation on the ground.
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