The Bulls Looked Hell in the Face and Decided it Was Too Warm

This is precisely what bear market rallies look like. The bulls were so depressed this afternoon, after witnessing a huge rally dissipate and dive into the rocks–with the NASDAQIRI lower by 1%; they started to write blogs about the ‘seals from hell’ being removed and centaurs visiting the NYSE to kick in the faces of its traders.

I digress.

The market dove into really deep waters and resurfaced with the courage of 10,000 lions trapped inside of a room with 10,000 circus clowns. We are in a bear market and stock prices will likely be appreciably lower in 12 months from now. However, along the way, we will have rallies. At the very minimum, we are overdue a charitable giving from our benevolent bear cousins who are likely to cover their shorts and start spending the proceeds on Lamborghinis, pear shaped catamites, and diamond wallets.

After the bell, NFLX and IBM are due to report earnings. Overall, considering the market didn’t completely wipe itself out today, I consider today to be a constructive step towards stabilization, something to build upon in the days to come.

The Dow finished up 25, giving up 50 points since I began writing this post.

Good luck.