Are you going to do IT again?

Remember Druckenmiller and the dot.com bubble?

Markets are starting to feel a bit bubbly lately. The psychology is very complex here, and it will get even more complex. The panic to chase stuff is huge. Seasonality is strong and money is free.

First chart shows NDX longer term view on a log scale. Second chart shows the NDX 1999 vs now chart. Things can get much more extreme, but let's remind ourselves what one of the greatest traders ever did during the upside panic in 1999.