But, what is the bubble? Hubris? What?

I looked back over the past (All of the way to the Tulip Bulb Craze) and in each bubble I could identify a physical commodity which was the object of manipulation... This time, however, I am at a loss.

I get a feeling it's artificial in every sense. The only two things I can attribute this to are either that it is an abstract "Technical Bubble" meaning that trading is occurring on the generalized acceptance based on nothing, but, Magical Thinking that there must be a bubble there... or this is an artifact of Algo HFT. One of those two things. Most likely, since the first assumption is built into the Algos used by the second. It's a combination of the two. GIGO, man.

There is no, there... There.