Capitulation? Hardly

I am amazed at the general tenor of comments about today’s rally — it was very much party like its 1999.

I was on Liz Claman‘s show today from 3 -4 (she’s a delight). It felt like a celebration to me — and all we did was undo yesterday’s losses. It was treated like the second coming by some people.

Put this into context: The action of this Bear has ripped away half of the bull market from 1982 to 2007. Thats 27 years of gains down the tubes.

And today’s action took back a single day of losses.

The chatter makes we wonder if there is simply far too much bullushness for anything more than a modest bounce at this time . . .

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