Ha-ha. Yes, it certainly seems like bear markets have been permanently abolished by the Fed. Keep in mind, since at least the dot.com bubble popped in 2000, they’ve had unlimited firepower with interest rates in a secular bear market that started in 1981.

By every metric that I use to determine a trend, that secular bear market in rates ended at the COVID lows in March of 20202. As such, the Fed has, IMHO, been & will continue to be largely handcuffed going forward, as evidenced by the 10 & 30-yr bonds RISING in both of the rate-cutting cycles they’ve tried (and cowed back down from) since the new bull market in longer-term rates began in 2020.

The sheeple, including institutional traders, have been conditioned to BTFD at any & all costs, no matter what the cause for the drop. That will only continue to work for much longer if the “Fed put” continues to be effective.

I know you’ve been waiting to short the semis hard & the video I did today laid out very precise support levels and/or other potential developments that, if & when triggered, will help support a case for a more aggressive short on the sector.