The 2020s might enter the history books as an era where the market skipped the stairs and kept taking the elevator either way.

The recent surge since the beginning of Q2 is the best example. According to BullTheory, U.S. equities added nearly $10 trillion in market capitalization in just 39 trading days. Yet, the realized volatility has become highly asymmetric. On up days, it is running roughly seven times as much as on down days.

Historically, that kind of imbalance tends to appear near exhaustion points, not in healthy bull markets.

Per Evercore ISI, current momentum "feels like 1999," with thrust levels comparable only to the 1982 breakout and the final phase of the internet bubble. Meanwhile, the divergence between cap-weighted indexes like the State Street SPDR S&P 500 ETF (NYSE:SPY) and equal-weighted ones like Invesco S&P 500 Equal Weight ETF (NYSE:RSP) continues to widen. It is a sign that leadership is narrowing rather than broadening.

Lagging AI Deployment 

The structural asymmetry inside the market is even more alarming. AI-related companies now account for roughly 40% of total market capitalization. Meanwhile, healthcare stands at 8.3%, its lowest weighting in three decades. Yet, despite catching attention from institutions, the sector has been a ...