What does this even mean. Lots of technical terms. I know what P&E, market cap, volume mean but apparently I am a n0ob.
Edit. I've read tons of the comments and realized that I am not the only one who wonders why the stock market is far from reality. In the past, the stock market used to be based somewhat on reality but during this last 10 year run, I've decided that it is becoming less and less the case. We've had news of Brexit that was supposedly so so bad, Greece went bankrupt. And both those have had almost zero impact on the markets.
I thought bitcoin market was bonkers but this one is just as bad.
Straight up, I think its wishful thinking. Markets are going "if we just believe things are good and act like they are, they will be" which, strangely is kinda true because of how the stock market is inherently illogical to a certain degree. The problem is, that can only last so long.
Don't get me wrong, I'm not predicting doom and gloom. Hell, 2008 sucked, but compare it to how shit used to be, and in general there's more stability in modern society, that keeps things from going bad old school ways (i.e. hyperinflation, Great Depression, etc). So I don't think even with pretty bad news things will be that way. Some of that is luck (i.e. COVID-19 is a bastard, but it pales to plenty of other diseases, and so we're a bit lucky that it wasn't one of those that, although I don't know I'd say its luck, as we've done a lot of stuff to try and prevent such, vaccines, modern health care, etc, hell even simply that fact that its possible for much of the world to access clean water and wash their hands).
But we were due for economic issues. We've been deluding ourselves about post 2008 growth, and hiding issues other places (car loans for instance where car companies didn't want to slow production because then it'd be read as weakness which could tank their stock, so instead they started offering longer term loans). And plenty of other issues that have been deliberately unaddressed (health care...) for political reasons.