It’s quite evident that the past two weeks of baseless equity strength have infected the minds of everyone, including snarky smoking Slopers who like to pretend the bear market is over. It isn’t. Some choose to be fooled by politicians. I elect to think for myself.
We can see the “spring” in the small caps, for instance, as it nears resistance.
This kind of buying error is worldwide. The emerging markets, still in a yearlong descending channel, are tagging their upper boundary.
And, of course, individual countries (such as Canada, below) are approaching the undersides of major reversal patterns.
As I tweeted about the VIX two days ago, “20 is the new 10”. The fear has fled the market in short order. If you want to follow Gartman, please, be my guest.