Asset classes are moving unusually relative to one another, puzzling even the most seasoned equity market traders.

Goldman Sachs Group Inc. macro trader Bobby Molavi points to equities that are climbing every wall of worry, with indexes, single-stocks and other assets like gold scaling record highs. At the same time, volatility remains subdued regardless of the news flow, retail buying is unstoppable and artificial intelligence spending keeps booming.

"Everything is weird," Molavi said, adding that historical correlations between bonds, equities and gold are "thrown out the window."

Agencies

The S&P 500 has rallied 15% so far this year, notching several record highs. Concerns about a trade war with China and the government shutdown have impacted sentiment in recent weeks but a solid start to the earnings season and signs that economic growth remains intact helped prevent the bullish narrative from breaking down.

"We will see if this will be the latest example of a blip rather than a correction or a canary in the coalmine," Molavi.