It has been ten weeks since the market bottomed on February 11th. To me, it feels like ten years. It’s been a grueling, awful grind, but it didn’t get really beyond-belief miserable until March 17th, when Yellen went uber-dovish and patterns and trendlines started getting smashed like turkeys being thrown from helicopters.
As I sit here now, the last decent down day we had was back on April 7th, and otherwise the market is just grinding higher and higher, in many cases making highs never seen before in human history. I really thought we were done with all this; that, as I put it, “the wind was at our backs.” Well, the central banks learned their lesson in 2008, and they’re not just going to roll over and let market forces take control. No way, no how.
