Risk appetite is skyrocketing: The Speculative Trading Indicator just posted one of its sharpest 3-month spikes on record, according to Goldman Sachs. This indicator tracks trading volumes in penny stocks, unprofitable companies, and stocks with EV/sales above 10x. Historically, only the 2000 Dot-Com Bubble and the 2020–2021 meme stock mania saw larger jumps. Furthermore, penny stock and high-multiple stock trading volume has ranked in the top 2% and 4% of all months since 1990. Unprofitable stock trading ranked in the top 15%. Speculative trading has gone parabolic.(The Kobeissi Letter)