The household sentiment is not euphoric. More and more Americans are in the stock market not because they want to be but because they feel they have little choice but to take on risk as their wage income stagnates or declines in real terms due to dollar weakness. Think of it like a desperate person buying a lottery ticket. They know that if the ticket is a loser they will be poor just like they would be if they didn't play, but a win will provide a large and discontinuous jump in their quality of life.
The household sentiment is not euphoric. More and more Americans are in the stock market not because they want to be but because they feel they have little choice but to take on risk as their wage income stagnates or declines in real terms due to dollar weakness. Think of it like a desperate person buying a lottery ticket. They know that if the ticket is a loser they will be poor just like they would be if they didn't play, but a win will provide a large and discontinuous jump in their quality of life.