by Rick Ackerman
Bears were on the ropes all day Wednesday, chasing a rally that would not have happened were it not for the panicky buying power that they themselves provided. The result was that the S&Ps have quickly recouped two-thirds of what they lost in the Brexit selloff that occurred on Friday and Monday. So much for all the scare-mongering headlines and sweaty-palm analysis on the business pages. If Brexit is such a big deal, you couldn’t tell by Wall Street’s swooning reaction. Will traders now double down and push the stock market to new all-time highs? It’s not yet a done deal, and the wacky price action of late may eventually prove to have been part of a topping pattern that will have vexed bulls and bears alike. But if new highs are indeed on their way, it’ll be interesting to see the extent to which this humbles the Brexit scaremongers and scolds we’ve had to endure over the last several months.