Global equity melt-up in full swing even if investors hate themselves

``Investors seem determined to keep dancing until the music actually stops, even though the largest majority since the height of the dotcom bubble think equities are overvalued. They are chasing momentum. It is irresistible to try to eke a little more out of the rally... You would never know that the CPB world trade index has been contracting for two consecutive months on a 3-month moving average, which is to say that we are still in a world trade depression.''