Now THIS is what I call a bear market. That is, the US Bonds (represented below by way of the /ZB futures contract). This sucker is about to celebrate its third birthday. Can you IMAGINE the wailing and whining and screeching from the David Portnoys, Tom Lees, and Cathie D. Woods of the world if we had a three year long equity bear market that wiped out more than half its peak value? My God, that would be so delicious.
Here is the longer-term chart. This was the third major top, but unlike the prior two, this one was ALLOWED to actually follow through, causing untold tens of trillions of dollars of financial destruction. All I want is for this to completely contaminate the equity markets as well, which are still being wet-nursed by the government. Is that really so much to ask?