Stocks are in a 'slow-motion meltup' as investors realize the bull market isn't a fluke

• Stocks are in a "slow-motion" meltup, according to DataTrek co-founder Nicholas Colas.
• That's because investors are slowly buying into the bull market as they assess macro conditions.
• Economists have dialed back their estimates for a coming recession as interest rate expectations cool.

Stocks are in a "slow-motion meltup," as investors start to believe that the bull market can last, DataTrek said in a note this week.

The research firm pointed to unusually low volatility in the stock market, with the S&P 500's current realized volatility gauge measuring at 0.8% over the last 100 days. That puts the benchmark index "solidly in bull market territory," as the bull/bear market line has held around 1.1% since April, according to DataTrek co-founder Nicholas Colas.