For Bears, Another Frustrating Turn

It's been a frustrating year for equity bears. The earnings recession was supposed to be deeper, the economic recession never showed up, the worst banking sector turmoil since Lehman ended up a non-event (a rally catalyst, even) and just when it looked like a three-month run of losses for the major US benchmarks might yet save the year for naysayers, a sudden about-face for bond yields rekindled the rally, driving a nine-session streak of gains for big-cap US tech. A new record high for Micros