(and yes, it's still a bull market)
From Dragonfly Capital:
A Funny Thing on the Way to a Correction
While everyone has become bearish waiting for an extended pullback in the Nasdaq and Russell 2000 to drag down the S&P 500 and Dow Jones Industrial Average ($DJIA, $DIA), the Dow has not made a new low yet. Not even a short term new low. It might happen today, or it might not. But either way there are certainly not many that are putting any money behind the AB=CD pattern that has been playing out. Since the October low the Dow has moved to a high at year end and pulled back in early February defining the A, B and C positions leaving the D at 17209.51 around April 30th. 1000 points in 3 weeks seems like a lot, but the time element of the AB=CD pattern is not strict. But are there any catalysts that could move it like that? Hmmm, earnings season starts tonight. What if earnings beat expectations across the board handily?
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And yes, we've heard of this "Confirmation Bias" you speak of.
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