Momentum Verging on Ludicrous Mode

For some time, we have noted that momentum trades have ruled the equity market. Buying dips, chasing rallies, and leverage have been popular themes, and quite frankly, that trifecta has generally worked beautifully – particularly last week, when the S&P 500 rose over 4% on post-election euphoria. But a select group of investments has taken momentum to another level.