The Unrelenting Bull Gallops On

The October and November rallies envisioned at the end of September have indeed occurred, even more strongly than most commentators expected, including myself. The market's remarkable ability to put together breathtaking rallies in a very short period of time hasn't changed. Many commentators have affectionately referred to these unending spikes higher as "V-Shaped rallies" given their visual similarity to the letter "V." They litter the charts since the advent of quantitative easing.