The Goldman Sachs U.S. High Beta Momentum index has just fallen 15% in 6 days, notes Tom Lee, Fundstrat's head of research. Investors are pointing there fingers at two things, he reckons: Concern about private credit and the sour U.

The U.S. stock market is now open. Stocks have sank just a little bit from earlier futures trading, with the S&P 500 (-0.04%), Russell 2000 (-0.11%), Dow (-0.14%), and Nasdaq (-0.18%) all facing declines.

The president says he will slap new levies on pharmaceuticals and big trucks; Eli Lilly stock rises

Despite what he observes as “excessive” levels of confidence, he noted that “history shows we still need a catalyst to come along and reset them back to more rational levels.” He added that, until one emerges, stocks may continue “slowly drifting their way higher.”

Not every dip is a buying opportunity. Here’s how to think about future stock-market pullbacks. This record number shows just how aggressively retail traders bought the dip on Friday. AMD’s stock just keeps climbing — and it all comes down to this factor.