by Rick Ackerman
Boeing’s $9.65 surge on Wednesday, an astounding one-day gain of 7.3%, pretty much sums up the psychotic nature of the stock market’s epic bear rally. It occurred with this item on the front page of the Wall Street Journal as a backdrop: “Boeing faces criminal and civil scrutiny into years of widespread quality-control lapses on it 737 MAX assembly lines.” Fancy that. And yet, buyers seemingly couldn’t get enough of the stock. Its sharp rise was perfectly synced with the FAANG/lunatic sector, which powered relentlessly higher with no exceptions or laggards. Driven by short-covering and a deft lightening of supply by The Smart Money, the rally is as disconnected from reality as any ever witnessed. In dollar terms, it is the most power bear squeeze ever. For my thoughts on when, and how, it could end, check out the E-Mini S&P tout immediately below.