Everyone’s a Genius In A Bull Market - Until The Structure Shifts

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The portfolio goes up, confidence follows, and the line between luck and skill vanishes. It feels like insight, but it’s often just liquidity doing the heavy lifting. Everyone buys what’s working and calls it conviction. You can observe this pattern in every cycle: the dotcom boom, the meme stock frenzy, and today's AI surge. When money is easy and narratives are loud, process fades. People stop asking why things rise, only how much further they can go. That’s when discipline becomes rare and experience starts to matter again. Because every time the music slows, the same question resurfaces: who was making real decisions, and who was just riding the wave? Markets don’t reward confidence forever; they reward process and structure.The Psychology Of The BullMake a 4.5% One-Month Yield Shorting Shopify Cash-Secured OTM PutsGovernment Shutdown, OpenAI Conference and Other Can't Miss Items this WeekThis Energy Dividend Stock Just Slashed 2,000 Jobs. Should You Sell Shares Here?Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else.Bull markets create a kind of financial hypnosis. The longer prices rise, the more investors believe they understand why. Risk starts to feel theoretical, something that happens to other people. During the dot-com boom, analysts justified absurd valuations with stories about the “new economy.” In 2021, retail investors on message boards did the same thing with meme stocks and SPACs. Post-COVID, the flood of liquidity made it easy to confuse participation with skill. The lesson is always the same: prolonged gains dull the instinct to question. Investors begin to view volatility as an opportunity rather than a warning when they buy every dip. The process is neglected because it appears to be unnecessary. You don’t need valuation models when every chart goes up. The problem is that fear fades faster than discipline returns. When the cycle shifts, individuals recall risk, but only after experiencing a harsh reminder from the market.What Structure Really MeansMarket structure is the quiet architecture behind every price move. It’s the plumbing of liquidity, flows, rates, and incentives that shapes what investors see on the surface. When people refer to "momentum," they are actually referring to the structure that pushes money, such as passive funds, buybacks, or interest-rate trends. Structure is why certain stocks lead without any real news and why others stall despite excellent fundamentals. Over time, it explains more returns than stock-picking ever will. Think of ETF rebalancing: when large funds adjust weightings, billions shift automatically, pulling prices in directions that have nothing to do with earnings. Or when companies pause buybacks, the steady bid under their stock quietly disappears, and leadership changes without warning. Professionals study these signals because structure doesn’t lie, it reveals where capital is forced to move. Understanding that gives you an edge the average investor never sees.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,779.50 -9.25 (-0.14%)Dow Futures46,855.00 -103.00 (-0.22%)Nasdaq Futures25,151.00 -33.75 (-0.13%)Russell 2000 Futures2,494.60 -6.40 (-0.26%)VIX16.63 +0.26 (+1.59%)Gold3,974.70 -1.60 (-0.04%)PortfolioSign in to access your portfolioSign inTop gainersORBS Eightco Holdings Inc. 11.07 +2.83 (+34.34%)AMD Advanced Micro Devices, Inc. 203.71 +39.04 (+23.71%)SANM Sanmina Corporation 140.00 +25.92 (+22.72%)MFH Mercurity Fintech Holding Inc. 35.79 +6.38 (+21.69%)AAOI Applied Optoelectronics, Inc. 33.79 +5.86 (+20.98%)Top losersAPP AppLovin Corporation 587.00 -95.76 (-14.03%)CVCO Cavco Industries, Inc. 498.60 -71.83 (-12.59%)QUBT Quantum Computing Inc. 22.16 -2.46 (-9.99%)SKY Champion Homes, Inc. 69.50 -6.85 (-8.97%)PSIX Power Solutions International, Inc. 84.58 -7.70 (-8.34%)Most activePLUG Plug Power Inc. 4.1300 +0.3299 (+8.68%)OPEN Opendoor Technologies Inc. 9.28 +1.17 (+14.43%)AMD Advanced Micro Devices, Inc. 203.71 +39.04 (+23.71%)NVDA NVIDIA Corporation 185.54 -2.08 (-1.11%)ACHR Archer Aviation Inc. 13.64 +2.07 (+17.89%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAMD Advanced Micro Devices, Inc. 203.71 +39.04 (+23.71%)APP AppLovin Corporation 587.00 -95.76 (-14.03%)SPRB Spruce Biosciences, Inc. 130.40 +121.58 (+1,378.46%)TMQ Trilogy Metals Inc. 2.0900 +0.0100 (+0.48%)FIG Figma, Inc. 56.96 +3.92 (+7.39%)Top economic events