The Market Ear has some concerns.
AI’s not the problem. Euphoria is
No, this isn’t a “we hate AI” note. It’s a trading technical read on a market that’s gone full parabolic. For the first time in over a year, every indicator we track in Mag7 is flashing red contrarian sell. The indicators don’t care about narratives. This isn’t a fundamental hit piece. It’s a derivatives trade – with the main focus on the complacency we see in the options markets. The Mag7 trade has become the most crowded bet on Earth, and the last time sentiment looked this one-sided, drawdowns weren’t polite. The signals are clear unfortunately — the timing never is – but we are betting it is sometime between now and January.
