- "I am out of justification to fight the uptrend," says Tom McClellan, becoming the latest bear to throw in the towel. “Up until now, I have had what I thought was compelling evidence to believe in the bearish case, but it has now been revealed to have been insufficient for the task.”
- In other news, RBC's Jonathan Golub checks the data and finds big years for the S&P 500 are likely to be followed by ... big years. Since 1947, he says, the S&P 500's top-10 performing years have averaged a 31% gain, and have been followed by average returns of 14% in the 12 months after.
- More McClellan: "I see this as a bubble, but a bubble that is continuing higher even though it should not ... I plan to ride the bubble for a while ... and will hope to be able to succeed in reading the right signs."
- S&P 500 ETFs: SPY, SH, SSO, SDS, IVV, SPXU, UPRO, VOO, RSP, RWL, EPS, BXUB, TRND, SFLA, BXUC, BXDB
- One bear likely to never throw in the towel is John Hussman. His latest - an open letter to the Fed - is here.