Thrusts of Hope

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After the widely-touted “worst start since 2005” for the S&P this year, I’m sure bulls are excited to see the market up-ticking this morning. As someone who is shorter than a dime right now, I guess I should be all aflutter with fear. I’m not. The behavior I’ve seen so far this year has been a reassuring series of lower highs. We’re seeing predictable bouts of buy-the-dip behavior that has been banged into people’s heads for five years running. This mark-up is no surprise.