Market had a tantrum last week and then put a con on the Fed so they would squeeze the stimulus doll into saying ma ma. It is always a circle jerk in defense of equity prices since they are viewed as the world benchmark for economic stabilization. Spontaneous bear implosions are all over everyone's shoes as the VIX declines into its proper uselessness along with premature declarations of this is it from noted talking heads.
All one can say about the volatility of last two weeks and the nothing for sale rallies of the last few days is it has primarily been about stupid out / stupid in action. Huge discount now has turned into huge premiums with value lying somewhere in between.
Bears may believe they need a macro miracle to save them but their real hope lies rather in slow going down bid action until the recent lows are tested.
