By Nigam Arora Dual manias are driving the stock market. Aggressive momentum buying in semiconductor stocks and speculative call option activity are creating conditions that disciplined investors need to understand before momentum breaks. In a recent interview on Schwab Network, Nigam Arora joined Marley Kayden to explain why today’s market behavior resembles a classic mania but not necessarily a traditional bubble. This distinction matters because investors who fail to understand the difference often position incorrectly at the most dangerous points in the cycle. Nigam explained that manias are driven by psychology, momentum, and aggressive speculative behavior. Bubbles, on the other hand,