My interpretation is that the stock market is just reflecting the rising value of power/influence assets relative to currency, which is to say, the falling value of currency relative to power/influence (which stocks are). Stocks aren't going up because the companies are that much better, they're going up because the macroeconomy is that much more fucked.

My long-term opinion is that the stock market is more like a milking-machine.

The stock market should reflect reality, and sometimes reality is volatile.

What affect on day to day operations of Intel does speculation on already sold stocks have?