Monday was nothing but a dead-bull bounce on top of a dead-cat bounce, which means there is plenty of punishment to come. Pure testosterone drove the market’s rise fed by nothing but the weak premise that New York’s drop in the coronavirus death rate for a single night meant the worst is behind us. To prove how meaningless that was New York posted its highest daily increase in deaths on Tuesday.
The bulls’ rampage uphill for a 1600-point gain came inspite of the President of the United States, who loves this stock market like it is his own child, warning the whole nation that the next two weeks will be hell weeks for the US because the number of new cases and deaths will accelerate upward hand-in-hand. The market bulls chose to listen to a glint of relief from New York’s one-time drop in deaths over the president’s alert that the entire nation over the next two weeks would see higher death counts.
That’s absurd. It’s irrational. It’s denial. It’s unbridled greed.
Monday’s stampede proved how utterly disconnected from reality the market’s bulls remain, and that means they’re going to get their heads pounded from ceiling to floor until they are rendered unconscious for their retardation. Reality is going to win because its always does, and the longer you put off reconciling with it, the worse things become for you. Monday’s claims by the marketeers that we’re on a coronavirus upswing is not likely to prove out.