The Everything Bubble and Why I Think Markets Still Have Room to Run

by Chris Pulver | Sep 23, 2026

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I spent this weekend doing a deep dive into market history, and I came away with a conclusion that might surprise you.

Despite all the hand-wringing about valuations and the rational bears making compelling cases for a major crash, I don’t think we’ve seen the true top yet. We appeared to be heading into an everything bubble earlier this year, but instead, some air escaped from the AI capital expenditure trade.

That distinction matters because a real everything bubble doesn’t deflate in isolated pockets. It expands across nearly every major asset class at once.

What a True Everything Bubble Looks Like

If momentum returns and the S&P 500 (SPY) blasts through 8,000 while the Nasdaq 100 (QQQ) reaches extreme levels, the conditions could begin to resemble an everything bubble. The clearest signal would be yields surging as gold, silver, Bitcoin and equities all hit record highs together.

That’s when I’d become far more concerned because once a synchronized rally like that ends, the hangover can be severe.

But we’re not there yet. We’ve already seen meaningful corrections, with gold falling 30%, silver dropping more than 40% and some AI trades pulling back 20%, 30% or even 40%. Those resets suggest money is rotating rather than indiscriminately chasing every asset higher.

The contrast with 2007-08 is important. That period featured excess spreading broadly through credit, housing and financial markets. Since COVID, we’ve experienced something different: Individual pockets become overbought, retrace and hand leadership to another part of the market. Instead of one uninterrupted bubble, we’ve had a sequence of concentrated rallies and corrections.

The Great Rotation Is Holding the Indexes Together

I call this the great rotation trade. Major indexes can appear calm even as individual stocks beneath the surface swing 10%, 20% or 30%. Capital moves from one theme to another, allowing fresh leadership to offset weakness elsewhere.

That’s why index-level stability can hide enormous volatility underneath.

Market-cap weighting makes this structure unusually resilient. We no longer need all 500 companies in the S&P 500 to perform well at the same time. A group of 10, 15 or 20 dominant companies — including the Magnificent Seven, chipmakers, AI leaders and hyperscalers — can provide enough support to keep the broader indexes stable.

That concentration creates risk, but it also explains why bearish positioning hasn’t automatically produced a market collapse. Investors watching only the indexes may underestimate the corrections already happening below the surface, while investors focused only on those corrections may miss how quickly capital is finding new leadership.

So while many investors are positioning for the big crash, I’m watching for what we still haven’t seen…

Simultaneous euphoria across stocks, metals, crypto and yields without meaningful resets along the way. Until that signal appears, I think this market still has room to run.

The musical chairs game continues — and the music hasn’t stopped yet.

I’ll see you in the markets.

Chris Pulver
Chris Pulver Trading

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