In my opinion, folks gobbling up equities at current prices can be described with two words: (a) In; and (b) Sane. It's as if all the reasons that equities were plunging lately suddenly were erased from the whiteboard.
Now, I do have some sense as to how things can get temporarily oversold, which is precisely why, mid-Tuesday, I covered the vast majority of my positions. The idea to short bonds has been working out nicely, and as I've said repeatedly, the preponderence of short candidates I follow are far, far too away from their stop-loss levels to make them interesting to me.