There really are no words at this point. 2023 has been the Bulls’ Revenge Deluxe right from the start, and this morning, yet again, is a sea of green quotes, lifetime highs, and a new saucer ready to launch the /ES into yet another recovery peak.
The basing pattern established over the past eight months is every bit as potent as I feared. You can see the monster size of this week’s bar (and the week is only 80% done) and the fact we haven’t had even a modest sell-off in three solid months.
What’s particularly galling is that, if indeed the market did terminate last year, how absolutely puny it was. Just look at the tinted areas of the bear markets in 2001-2002 and 2007-2008 (yes, I actually have to reference multiple years). The latest “cleansing of all sins” lasted a few months and shaved just a sliver of the excess away. On this kind of scale, you can see what a joke it really was.
Today is going to be a monster options expiration day followed by, of course, yet ANOTHER three day weekend. Time to buck up.
