Bull market talk! Loads of it. Just 2 weeks ago, they were talking opposite! P2 is working its magic I can tell by many commenter's reactions as of late. But bull market it is not. But in the meantime, doubt will creep in and bears will break.
The banks however tell the real story. Since achieving a high in early May, they have limped. Even after all those great "earnings" reports. The stock market never lies. Appetite for banks is low. Banks have issued so many shares of worthless paper its scary and sad at the same time. I suppose the banks will eventually catch a bid. The 50/200 is ready to crossover soon.
Its always been about the banks. It always been about the debt. Parabolic rises, no matter what they are, will collapse under their own dead weight. 64 banks closed this year. The pace seems to be picking up. This is real. The Great Bear is real.
Government can "save" us. Ha! Government is the ultimate consensus group and the last to react. They follow. They will save the banking system only after it has already completely failed. They will fix the nations massive deficit problems only after the debt has been destroyed by natural market forces.
California is issuing IOU's. How can we support $500B in interest payments a year? Its madness! Yearly debt at $1.7 T and thats with great interest rates! The shadow banking system will eat us.
So what happens if interest rates rise to 15%? 20%? Oh there will be a P3 folks.
And they won't be buying stock, and there won't be any "safe haven" in debt. Risk aversion will be the norm. P2 is the last-gasp asset mania bubble the world will blow in many decades. We can only wonder when it will end. We try and connect the patterns.
When those "fund managers" require cash because deficits and budgets and payouts demand them, they will sell. The fear will rise again. The mad rush to the door this time will crush a lot of good people.