Why Isn't Anyone Celebrating?

If stocks keep going up, why isn't anyone celebrating? I attempt to solve the biggest puzzle in the investing world these days – the market sets record highs day after day but the public refuses to get excited about it. How the hell are we supposed to have a proper bubble if everyone abstains from partying down? Can the market put in a top without there being a cycle-ending, full-on extravaganza? Is the lack of euphoria the only thing keeping this thing climbing? I have a theory. I'll lay it out below.