“从ICU到KTV”后，美股多头已“无所畏惧”？

Core Viewpoint - Wall Street investors have shown remarkable resilience to various shocks, including inflation concerns, tariff threats, and geopolitical conflicts, maintaining high levels of confidence in the market [1][2]. Group 1: Market Sentiment - Despite escalating trade threats from Trump, including a proposed 35% tariff on Canadian goods and a 50% tariff on copper, speculative sentiment remains high, with Bitcoin surpassing $118,000 and stock markets near record highs [1]. - The S&P 500 index closed slightly below its record high, indicating that traders are less fearful even as indicators of market pressure rise [2]. - Columbia Threadneedle Investments' Josh Kutin noted that the market has remained indifferent to issues like tariffs and geopolitical tensions, suggesting a lack of negative reaction from investors [3]. Group 2: Investment Strategies - The "TACO" trade, which stands for "Trump Always Chickens Out," reflects a growing belief among investors that the government will retract tariff threats, allowing for increased stock exposure [3]. - Strong momentum and relatively low volatility have led to bullish signals in multiple investment portfolios, encouraging traders to seek tactical opportunities [3]. Group 3: Concerns and Warnings - JPMorgan's Jamie Dimon expressed concerns about complacency in the market, suggesting that the current environment may be a pressure test for investors [5]. - Man Group's Kristina Hooper warned that the market rally may have gone too far, and the unresolved tariff situation poses challenges for investors trying to model potential outcomes [5].