Looks like yet another week of euphoria for us on the Singapore bourse.

Besides feeling fine and dandy (in spite of the rain) in the days leading up to Christmas, it's just been reported that Singapore non-oil domestic exports rose 8.1% from a year earlier.

Salaries are increasing, but so is turnover.

Almost half of 500 the local companies surveyed by Mercer Human Resources Consulting said they upped their headcount in Q3.

Considering how gloomy our physical environment has been, the market seems to have a lot to cheer about.

But I'm skeptical (or pessimistic, however you choose to see it).

Every evening I find myself pulling my hair out over why the market isn't crashing.

It's the end of the year, people should be going on holiday, the stock market should be quiet as hell.

But no.

Look at the volumes, the run-up on the Straits Times Index and the relatively healthy amount of news we're getting from the listed companies.

People sure are working hard this holiday season.

I'm no financial analyst but man, I'd still stay clear.

How much further can the market run upwards before it comes crashing down?

I think some very rich people are just caught up in the euphoria of a bull run at the end of the year and not thinking straight.

Too much late-night shopping, perhaps.

Serene Lim