Part of that is due to the fact that most of the market is now passive investment. Being pension funds, endowment, etc etc.
The latest numbers i have seen is that 80% of the market shares is controlled by institutional investors.
That is a looooot of the market tied to a set of investors that cannot bet on anything else than up due to their own long term problems. At this point, the market is better viewed as a gigantic retirement fund/saving account than as a way to decide on price.
Once you look at the market that way, a lot more of the behaviours make sense.
The latest numbers i have seen is that 80% of the market shares is controlled by institutional investors.
That is a looooot of the market tied to a set of investors that cannot bet on anything else than up due to their own long term problems. At this point, the market is better viewed as a gigantic retirement fund/saving account than as a way to decide on price.
Once you look at the market that way, a lot more of the behaviours make sense.