Just a Bear Rally?

by Rick Ackerman

With the supposed bear rally about to enter its fifth week, I am reminded of Gideon Drew, “the thing that wouldn’t die” in the 1958 horror movie of that name. Like Drew, the stock market has become a disembodied monster, able to command loyalty and teacherous obedience with just a creepy movement of the eye. The fictional Drew was beheaded for devil-worship by Sir Francis Drake, but the evil-thinking piece of him came back to life when the crate in which it was buried got dug up by some hapless D-list actors. They are akin to today’s investors, who for 13 years have been mesmerized by a stock-market bull that long ago decoupled from the corpus of reality. The bull will eventually send them over a cliff, as all bull markets inevitably do. But until that happens, the delusional herd will remain transfixed by the incantations of greedy Wall Street hucksters who can spin alluring dreams from even the scariest headlines.

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