Bottom Line:  The Wild Bull has again stumbled on a Hibernating Bear.  The Bear could wake up, and it could wake up fast. Today’s markets have circuit breakers and other protections to arrest a crash, but as we saw in 2020 the market can still plunge over 30% in just a few weeks. Or the market could rally onward – employment is strong, credit is still abundant, COVID is on the wane – who really knows?  But when the market stumbles down to the 200-day average, there’s more risk out there: Beware of Bear!

When a Wild Bull Stumbles into a Hibernating Bear | Wolf Street