Time For The Fizzle?

It is interesting to note that the last time the "bear market ended" on November 11, the market retraced 27.37% to its period high on January 6 before crashing and burning. The current retracement from March 6 is now at 26.82%. ZH does not believe in technicals exclusively, but this is a curious perspective.

Additionally, whereas CNBC would chirp every 5 minutes when the Baltic Dry was up, up and away beginning in January, very little attention has been brought to the fact that the BDIY has dropped over 31% over the past month... but nobody cares about the "China factor" anymore, as the US can brave the depression, er, recession (sorry, Cramer corrected me) on its own.

Another datapoint: the 2s10s curve has retraced 75% of the post-QE move. Inflationary worries are overwhelming even the most vociferous government buybacks.

And lastly, IG12 just broke intraday wides at 197/199 to close - a mere 3 inside yesterday's close.

Aside from these points, everything is rosy.

Comments

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