The stock market is held up by a structural 'passive bid'—mechanical, reverse-engineered flows from passive investing—so it hits new highs regardless of underlying economic reality, and only news ugly enough to swamp that bid can push it down (as briefly happened in April).
causalpending
Speaker
Bill FleckensteinEvidence Quote
“the passive bid continues to dominate that and all the structured mechanical reverse engineered flows that uh come in behind that”
Source
Bill Fleckenstein: We've Gone Past The Point Of No Return, Only An Epic Crisis Can Fix— The Julia La Roche ShowCreated: 6/18/2026, 1:58:45 PM
My Notes
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