"Fear and Greed" are the mark of stupid people. People who don't understand what they are doing and have no moral foundation.
Fear and Greed, is what results from decoupling the market from economic laws, economic fundamentals. Fear and Greed have no place in assessing the worth of a venture that wants capital or the likelihood of ongoing sustenance of an established business.
Fear and Greed, are the result of Financialization. While it destroys the economy through encouragement of malinvestment, by drawing Rent-Seekers, it also destroys the world of stock brokers and asset managers - which used to be legitimate businesses.
It's one more characteristic that proves the economy is well and truly farked.
Only for speculators. Speculators only came out just before a slaughter. The late 1920s and late 1960s, two examples.
Where there's what appears to be, easy money, the stupes and sociopaths come out. Leave a $100 bill in the center of a traffic lane on the Interstate, and some imbecile isn't going to be able to weigh his life, against a free hundred. Likewise with Bubble-Mania in the markets.
What's different, is now, this is considered NORMAL. One more characteristic of Financialization. There's no more rational investment because there's no more markets. There are few companies that pay dividends - the few that do, seem to be taken over by operators in LBOs and broken up and sold, the cash assets pocketed.
The current market darlings are WeWork, Tesla, Theranos - stocks that have never been profitable, have no plan to be profitable, are run with incoherent business plans or no business plans. Brothers-in-law as Directors. Banksters, using ZIRP Free Money, buy them, with the expectation they can sell them for more, later. And that's reasonable, since a small crowd of Banksters essentially control the index companies.
Day traders in their underwear in basements, try to ape the Banksters, not understanding how what the Banksters do, works for Banksters. It's a modern Cargo Cult mentality. And day-traders become more poor - and when it is undeniably time to exit, as we saw a month ago, their Robin Hood access portals are suddenly "No service at this time."
That is not a free market, but that does lead to consternation.