Maybe it’s true. Maybe the bear market lasted all of eight months (November 2021-June 2022) and the bulls have been back in control all this time. It sure feels that way. The earnings wipeouts and jobs report were precisely what the bears needed, and those aids have been laid waste. AAPL, which reported its first revenue and earnings miss in seven years, is ROARING higher.
The only market that still seems to respect the data is bonds. Equities, however, are exploding off their lows.
Perhaps TSLA is going to get to its lows 200s target after all.
Before the market opened this morning, I toyed with the idea of beefing up my account with more cash to deploy into positions, but I decided against it. I’m glad I did. In point of fact, not only did I not add cash to my account to take on more risk, but I’ve reduced risk and am at 22.2% cash and a mere 17 positions.
It’s a damn shame. I thought we’d have a good day for a change, but 2023 continues to be owned by the bulls from dawn to dusk.
