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Mick Cronin added another promising young transfer Saturday.

Friday marked another significant step in Cole’s long road back to the big leagues.

April is a beautiful time of year — flowers bloom, the weather begins to warm up, and, of course, one of your fantasy team’s cornerstones is hitting .155 after 82 plate appearances.

Disgraced ex-Virginia Lt. Gov. Justin Fairfax killed his estranged wife in a gruesome murder-suicide just hours she celebrated with her best friend that she was "finally going to be free," according to a report.

An Overheating Feedback Loop

Submitted by QTR's Fringe Finance

Congratulations, you made it through the panic…and now the market has decided none of it ever mattered and things are 5% better than they’ve ever been in history. Prices have not only recovered from the Iran war scare, they’ve pushed comfortably beyond where they were before it even started.

The NASDAQ is logging a batshit insane 13-day winning streak, marking its longest consecutive green run since July 2009.

That’s impressive, if your definition of impressive includes a complete disregard for unresolved risk and/or any type of valuation or fundamentals. Because despite what price action is implying, nothing has really been definitively fixed, guaranteed, or even clarified. Only time will solidify that, in my opinion.

Yet here we are, higher anyway.

What’s driving this move isn’t exactly a groundswell of improving fundamentals. It’s positioning. It’s call buying forcing dealers to chase the market higher. It’s short squeezes lighting a fire under anyone who dared to hedge. It’s CTAs and systematic strategies piling in as momentum signals flip. This is a feedback loop, not a sober reassessment of long-term value. These loops can run longer than expected, but they are not stable by nature. They are self-reinforcing until they are suddenly not.

Don’t get it twisted. Valuations are stretched to the point where even the usually forgiving models are starting to sound like skeptics. The Shiller P/E is back near 40, a level that has historically been less a launchpad and more a warning sign.

Price-to-sales, mean reversion frameworks, and all that happy horseshit that used to matter back when the market was a closed loop system without an injection valve for Fed liquidity at any moment’s notice are all flashing the same message. At this point, you’re not paying for growth, you’re paying for a very optimistic version of the future where almost nothing goes wrong. Can you blame SpaceX for trying to get a valuation at 125x sales for its IPO.

But that’s the problem with markets at these levels. They don’t need a disaster to fall. They just need reality to be slightly less perfect than what’s currently priced in. Forget a private credit black swan. Just a mild earnings disappointment, a shift in liquidity, or even a rate cut (yes, cut) that signals underlying weakness instead of strength could be enough. The idea that rate cuts are automatically bullish tends to hold right up until the moment they aren’t, which is usually when they arrive for the wrong reasons. That “crash on rate cut” scenario people like to wave off doesn’t require imagination…it just requires a change in interpretation.

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If you bought the dip over the last month, you did the “hard” part. You took risk when it was uncomfortable, when headlines were messy, and when positioning was cleaner. That’s where money is typically made. But confusing that trade with a long-term hold at these levels could be how gains quietly evaporate. Markets that rip higher on positioning tend to offer very little warning when they reverse, and they don’t pause to let everyone exit in an orderly fashion.

Could this keep going? Absolutely. Markets can stay elevated, irrational, and frustratingly strong longer than seems reasonable. But I don’t think that makes it wise to press your luck here. At these valuations, with this kind of flow-driven backdrop, you are just not being particularly well compensated for the risk you’re taking, if you ask me. You’re relying on momentum to continue, and momentum is not a contract.

This is, in my opinion, could be a great place to take some profits, especially if you participated in the recent move. Not because the market must immediately collapse, but because the balance of risk and reward has shifted in a way that should at least make you think twice. There’s a difference between letting winners run and refusing to acknowledge when the easy part is over.

Proceed with caution. Because markets like this don’t send polite warnings when they turn and rip lower again. They just do it, and ask questions later.

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QTR’s Disclaimer: Please read my full legal disclaimer on my About page here. This post represents my opinions only. In addition, please understand I am an idiot and often get things wrong and lose money. I may own or transact in any names mentioned in this piece at any time without warning. Contributor posts and aggregated posts have been hand selected by me, have not been fact checked and are the opinions of their authors. They are either submitted to QTR by their author, reprinted under a Creative Commons license with my best effort to uphold what the license asks, or with the permission of the author.

This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions. All positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.

The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.

Tyler Durden Sat, 04/18/2026 - 14:00

For the second year in a row, the Knicks enter the playoffs as the No. 3 seed in the East.

The rival Hawks are in town determined to pull off a Game 1 upset.

No nightclubs or gambling here.

Drug users on Skid Row are using their pets to test drugs for fentanyl and selling them for more substances, according to a new report.

Los Angeles cops apprehended scantily-cladded partygoers at an Encino teen rager on Friday night.

The blue-blood New York family that helped launch the Amazin's is auctioning off nearly a dozen treasures from their famed art collection.

Applegate, who revealed her MS diagnosis in August 2021, was reportedly hospitalized in late March.

Applegate, who revealed her MS diagnosis in August 2021, was reportedly hospitalized in late March.

ESPN NFL draft analyst Matt Miller takes a timeout for some pre-draft Q&A with Post columnist Steve Serby. 

Critics on X accuse ABC of acting as 'propaganda machine' for featuring the partisan clip

The actress was a four-time César Awards winner with a career that spanned over five decades.

The actress was a four-time César Awards winner with a career that spanned over five decades.

The senior Trump administration official said he expects the announcement to be formally made next year when America's capital city is hosting the NFL draft next spring.

On April 14th, during filming for The Sphere's upcoming production "From the Edge," onlookers could see a professional climber ascending the curved walls of the iconic venue.

The two-night event is about to begin!