Maybe now that Barack has likely sealed the deal, so, too have the bears. Nah.
Actually, I wrote the text for today's column before noon today, as even with Barron's Online's lightening fast publishing turnaround it's still not real time. When I finished the piece the Dow was down about 70 - not much more than yet another wiggle in May.
When the editor got through with it and sent it off to production, the Dow was down 180 and sinking. I really hate it when the market starts to drop before I get a chance to tell everyone I am more bearish. Usually, it is thanks to the Fed but today it was just a heavy market sinking on oil.
But don't get too excited yet bears. The May market is still the same old head-fakey place it was yesterday. Oil is soaring today but I've seen reports that Gann analysis pegs now as a top. Can't argue that since I just don't know. But it does seem that oil is getting a little carried away.
So if the stock market is reversing here or if it has a few percent left in it, I think we remain in a bear market. I can't wait to see the AAII poll numbers this week to see if the ranks of the bulls are still increasing as they have been for weeks.
Does anybody care that 52-week lows are still beating new 52-week highs? Oh, the humanity!