With the almost extinction of 'bears' we noted last week [3], the bull-bear index has now crossed the Rubicon into a euphoria mode that marked the turning point before the last 2 major corrections in the US equity market. Of course, we are sure, this time is different; but hasn't the Fed 'always' had our back? Perhaps, as GenRe's CIO notes, "gravity will win," [4] after all?
[5]
Shrugging that off... this has happened 15 times in the last 24 years with stocks falling 79% of the time in the following 3 months...
[3]
h/t @Not_Jim_Cramer