"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."
One bear likely to never throw in the towel is John Hussman. His latest - an open letter to the Fed - is here.