‘Full-Blown Mania’: Stock Market Jackpot Bells Just Keep Ringing
- Owning sound-alike stocks, lending for Bitcoin are paying out
- Waves of bullish options buying is the ever-present backdrop
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Like a slot machine paying off on every pull, the stock market’s most reliable bets lately have often been its riskiest.
Go long a company that sounds like something Elon Musk mentioned in a tweet (but wasn’t)? Signal Advance Inc. just soared 12-fold. Lend money to a software maker to buy Bitcoin? A Microstrategy Inc. convertible bond is up 50% in four weeks (its option is in the money). Back up the truck on bullish options after the Nasdaq 100 doubled in 24 months? Wednesday was the fourth-busiest day ever for call trading in the U.S. (the other three were last year).