Given how this market shakes and shakes it off, another record for the Dow may well be in the offing.

That’s after the DJIA

DJIA, +0.31%

 hit its 47th record high yesterday, and as some investors look to the next round of earnings — big banks are up to bat this week — to keep juicing stocks higher,.

It’s no secret, then, that this can’t-go-wrong bull market has pumped up the demand for low-cost, passive mutual funds and ETFs. According to The Wall Street Journal, investors poured nearly $300 billion into Vanguard Group index funds in the first nine months of this year — almost matching the total for all of 2016.

That revelation leads us to our call of the day, a warning that predicts this passive frenzy will end eventually, but it’ll come as a sucker punch to unsuspecting retail investors. Here’s what Daniel Wiener, editor of the Independent Adviser for Vanguard Investors — a newsletter that tracks those funds — told the WSJ, according to that article:

“I don’t think that there’s much that changes these flows until we have a negative market,” Wiener said. “I can’t tell you when that happens, but when it does there will be a lot of very surprised investors.”

Sound familiar? Last month, this column featured famed investor Jim Rogers, who had a specific warning for holders of popular ETFs.

“When we have the bear market, a lot of people are going to find that, ‘Oh my God, I own an ETF, and they collapsed. It went down more than anything else.’ And the reason it will go down more than anything else is because that’s what everybody owns,” Rogers said.

One key issue is that index fund users may indeed panic in case of a selloff — though robo adviser giant Betterment has said in the past that it hasn’t seen that from its own clients.

Reformed Broker’s Josh Brown touched on the robo theme in a blog on why the VIX

VIX, -0.10%

 volatility index has been so drama-free. He blames it on non-panicky software programs and algorithms replacing human “cowboys” who used to make big directional bets.

“These days, it’s ‘close your eyes and allocate’ coupled with relentlessly steady machine-buying,” says Brown.

Key market gauges

Ahead of Federal Reserve minutes, Dow

YMZ7, +0.01%

 , S&P 500

ESZ7, -0.03%

 and Nasdaq

NQZ7, -0.04%

  futures are tilting slightly south. Gold

GCZ7, -0.12%

 and silver

SIZ7, -0.27% are off, while WTI crude

CLZ7, +0.20%

 and Brent

LCOZ7, +0.19%

 prices are headed the other way.

Europe

SXXP, -0.07%

 stocks are mixed, but in Spain

IBEX, +1.21%

 they’re soaring as worries over Catalan independence have eased up for now. The euro

EURUSD, +0.3388%

 popped higher on that news yesterday, but is stepping back a bit now, hovering at around $1.18.

In Asia

ADOW, +0.31%

 , the Nikkei

NIK, +0.28%

 hit a two-decade high. Some think the Japanese stocks might be ready to break out of their long rut.

See the Market Snapshot column for more.

Bitcoin

BTCUSD, -1.19%

 is sitting right near $4,750. Can bitcoin reach over $10,000 in six to 10 months? This guy thinks so.

The chart

Check out the chart of Kobe Steel

5406, -17.79%

 , Japan’s third-largest steelmaker, which has lost 35% so far this week.

Over the weekend, Kobe fessed up to falsifying inspection data on some 20,000 tonnes of metals it shipped out to customers. On Wednesday, Kobe said a steel powder product, which is used to manufacture parts such as gears, could also be a problem.

The Daily Shot

Kobe’s big customers include Boeing

BA, +0.98%

 , Nissan

7201, -0.32%

 and Toyota

7203, -0.97%

 , and they are now reportedly scrambling to check the safety of their products with those problem metals.

The buzz

BlackRock

BLK, +0.66%

is up a bit after results. Delta

DAL, +1.86%

earnings are still to come. For the rest of the week, we’ve got J.P. Morgan Chase

JPM, +0.75%

 and Citigroup

C, -0.28%

 on Thursday, and Bank of America

BAC, +0.31%

 and Wells Fargo

WFC, +0.85%

 on Friday. And check out this earnings preview for Netflix

Read: Bank stocks are soaring, but now it’s time to go for quality

Alibaba

BABA, +0.57%

 says it’s tripling its R&D investment to more than $15 billion over three years — seen as a bid to keep pace with Amazon

AMZN, -0.38%

 and Alphabet

GOOGL, -0.45%

 .

Micron

MU, +2.49%

 is off 3.4% in premarket after the memory-chip group said it would sell $1 billion in fresh stock late Tuesday. Shares are trading at the highest since the dot-com boom.

Read:These companies may end up regretting their Donna Karan connections

Wal-Mart

WMT, +4.47%

 is schooling everyone in cutting corners. At its investor day, the retailer said it saved $20 million by swapping out its plastic bags and more than $7 million by shortening its receipts. It also plans to invest in more than 1,000 online grocery pickup locations.

There will be no World Cup for the U.S. men’s soccer team for the first time since 1986, after a brutal loss to Trinidad & Tobago last night. A bummer for all those closet soccer fans, and 21st Century Fox’s

FOX, +0.69%

 Fox Sports, which spent nearly half a billion dollars to get the rights to broadcast 350 hours of coverage in the U.S. next year. But hey, not everyone is so cut up:

Intel

INTC, -0.53%

 has come up with a superchip that has to be kept in temperatures that are “250 times colder than deep space.”

The economy

It’s a sparse, but important, economic docket today, with Fed minutes due at 2 p.m. Eastern Time. Ahead of that, we get job openings for August at 10 a.m. Eastern.

The stat
Shutterstock

Time to tour Switzerland’s sewers?

43 kilograms, or $1.8 million — That’s how much gold makes it through the wastewater of Switzerland every year, according to scientists at the Swiss Federal Institute of Aquatic Science and Technology. Let’s not forget this is the country where 500 euro notes get flushed down toilets, too.

The quote

“When he walked out of his bungalow, the flames were right there, so he bounced out of there, and because so many people didn’t have cars, he was taking them all to the next hotel. He made multiple trips.” — That was Eric Byrnes, recounting the drama for his baseball-legend pal Barry Bonds, when the Napa fires swooped down on a bunch of Hall-of-Famer athletes early Monday.

Read:As death and damages mount, Wine Country wildfires may be the worst ‘in California history’

Random reads

Puerto Rico deaths reach to 45, says governor

Cop caught on video forcibly arresting Utah nurse has been fired

FireEye says North Korea hackers are targeting U.S. election power companies

When you forget your child in the Crazy Corn Maze

$50,000 for the taking if you can guess the next Oreo flavor

Lindsay Lohan may be one of Harvey Weinstein’s last friends in Hollywood

Eminem unleashed a freestyle rap on POTUS at a hip-hop awards show

MacArthur Foundation names ‘Genius Grant’ winners for 2017

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