Bears are in oblivionThis chart shows that bears have literally been obliterated off the face of this market over the past 5 years. I'm talking about bears who actually take action, not the ones just sitting on the sidelines, blabbing. Even the 2022 bear leg barely pushed up the p/c ratio. Compare to market behaviour prior to 2020, even the entire average line was much higher. (Real sell-offs are marked by the unhappy face).
What does this mean? Well, I once thought bears were the truth speakers, the ones to speak of distortions from reality and prepare others for periods of "reconnection". Does it matter though if the distortion remains as reality?
I also read once that bears form the market bottom during significant downside events. Does this matter if the market never falls?
I suppose, we shall see.
