Bear Humbug
Bears could still be right, God bless 'em. After all, the year's not over yet.
But as things stood headed into the back half of December, it wasn't looking good for anyone who bet against a Santa rally.
I'm not a guy to say I told you so, but... well, how many times in October did I suggest that bonds were a falling knife worth catching? Half a dozen at least. And who was it who wrote, on October 30, that "right-tail risk is often underappreciated"?
Anyway, enough of that. US equities stormed
It appears that the man on the street (not Wall Street) is getting nervous, perceiving financial markets with a “What goes up must come down” attitude. But what does that matter? Street people don’t move markets.