The Bobby Ewing market

This item from one of David Rosenberg's missives last week at Gluskin-Sheff has been hanging around in a draft folder for a few days, but I just couldn't bring myself to hit the Delete button as it is just too good not to share.

This is undoubtedly an exciting rally for the bulls, and a frustrating experience for the bears; however, at the same time we should all be informed about the extent to which the market is behaving rationally and whether the macroeconomic landscape that is currently being discounted is going to come to fruition.

The ongoing rally in the S&P 500 has taken the index all the way back to where it was last October. This prompted Brad Dunkley, one of our senior PMs, to email me this little ditty:

“I call this the Bobby Ewing market. Remember when Bobby appeared in the shower and the entire last season was just a dream? That's what people are saying, what Recession? It never happened.”

Those of you who were "Dallas" fans might get a particular kick out of this. Having never watched the show save for, perhaps, the resolution of "Who shot J.R.?" (and probably not even that, come to think of it), it was still pretty funny to me.

Is a Bob Newhart version of this next?

ooo