Some market veterans think stocks are at long last due for a meltup. “We make the case that despite the Fed’s intent, we’re on the verge of being in a melt-up stage, fueled by excessive credit and a timid Fed,” wrote technical analyst Jeff deGraaf, chairman of Renaissance Macro Research, in a Wednesday note. Longtime market bull Jeffrey Saut, chief investment strategist at Raymond James, on Tuesday argued that the S&P 500 SPX, +0.50% in the wake of a Sept. 25 reversal to the upside, “now appears to be

involved in a melt-up.”  The S&P followed that turnaround with a series of fresh records and is up more than 13% so far this year. The Dow Jones Industrial DJIA, +0.41% is up 14.7%. On Wednesday, the S&P notched its fifth straight record close , albeit with a gain of just 0.1%, matching a streak that ended in February.  Saut pointed to the Investopedia definition of a meltup as a “dramatic and unexpected” rise in the performance of an asset class driven in part by a stampede of investors who don’t want to miss out on the rise rather than by improvements in fundamentals.  READ MORE