You can call them asset classes or financial markets. Some describe them as “risk bubbles.”
This latter phrase is what Bloomberg chose to use in this January headline:
Risk Bubbles Are Deflating Everywhere, Some Market Watchers Say
Bubbles in crypto, high-growth tech stocks are ‘popping’: BofA
Back in November, The Elliott Wave Theorist provided a warning for an even longer list of assets that have been due to deflate:
No stock market has ever been so absurdly overhyped and overowned. The same is true for junk bonds, real estate, cryptocurrencies and digital art. It is a unique era.
And, speaking of tech stocks (mentioned in the Bloomberg quote), the January 7 Elliott Wave Financial Forecast provided this insight:
You may not realize it from reading the headlines, but the NASDAQ indexes, the Russell 2000 index and the FANG+ Index all failed to accompany the Dow and S&P to this week’s highs. While the NASDAQ closed yesterday 6% below its closing high on November 19, nearly 40% of the index’s firms have plunged by at least half from one-year highs, a near-record number (Bloomberg 1/6).
These three charts were among many others that were shown in the January EWFF. Notice that these indexes topped in November.