"The market can stay irrational longer than you can stay solvent." - attrib. J.M. Keynes

Some of it is the common adage "Don't fight the Fed(eral Reserve Bank)." They are dumping what in any other time would be insane amounts of cash into the markets.

Then, there's hopium. Everyone hoping that there will be some quick way out.

This goes beyond just a few stocks like Amazon overweighting the averages - there are broad run-ups.

this does often happen in bear markets, where there's a first initial fall, then a rise, then the real crash to the ultimate lows.

We certainly have not yet seen the capitulation, evident of bear market bottoms, where the last holdouts finally throw in the towel and sell.

My thought experiment is to consider what would happen if it were magically fixed at midnight tonight. Six weeks ago, it probably would have returned to relatively solid footing. Now, I think significant permanent damage has been done. Six more weeks, likely more damage.

I'd love to see any other thoughts on how this thought experiment might play out