It seems to me that a lot of investors and traders have been asking this question for the past four or five months. (click for larger picture)
Is the the rally over? Is it a V-shaped recovery? Are we in the middle of a W-shaped recovery? If most people think we’re in a huge bear market rally, is that a contrarian indicator that we’re not in a bear market rally?
Who the heck knows? All I knows is—I’m purposefully affecting a New York accent here—that there ain’t as many deals as there used to be.
Perhaps the rally will continue until it starts to attract too many new deals. The absence of deals may be a sign the bull has a way to go.