The train never stops is about government printing money out of thin air. If OpenAI needs government support, they were testing the market, and Elon gets a $1T package, then clearly the value of money is disconnected from value.
More to the point can equities keep moving higher? Yes they can but a correction is increasingly likely and our judgement is that from here, risk/reward is no long favourable so we have squared up our long S&P position.
It’s been fun contra-trading all the talking heads but happy to walk way with more money than we had to start with.