What’s funny is that for the most part, as the Greek drama unfolded, US markets hardly cared at all. Just up, day after day. Only in the final days before Europe’s “resolution” did things get hairy here, and now they’re getting flat-out volatile. The VIX was up another 4% today and remains quite elevated.
The arguments that huge moves (including up moves) are characteristics of bear markets — which is what Rosenberg and others are arguing — is certainly sounding logical.
Note that in recent years — as David Rosenberg noted this morning — the vast majority of our huge up days, have happened in the middle of the worst markets.