Behind the Relentless Stock Rally, Waves of Anxiety Are Building
- Tech heavyweights are hitting records as other sectors stumble
- Still-low liquidity, cash stockpile point to growing caution
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Nerves are fraying underneath the stock market’s technology-fueled rally.
Short bets against the biggest equity exchange-traded fund are stubbornly high and recently ticked up, even after the ETF’s 41% climb from March’s lows. The Cboe Volatility Index -- known as the market’s “fear gauge” -- remains elevated, while investors are piling into products that shield against losses. Meanwhile, a near-record mountain of cash seems stuck on the sidelines. All this as liquidity is in short supply.