Improper Nostalgia

While bears have drawn plenty of historical analogies between the current broad market landscape versus, say, the spring of 2008, when a seemingly convincing rally fell apart at the seams and led to one of the most violent crashes in the last fifty years, we also must acknowledge that a plethora of tech plays (mostly in software, cybersecurity, with some chips and healthcare names, as well) are acting as though there is nothing remotely resembling a bear market on the horizon. 

Back in 2008, as convincing as that post-Bear Stearns rally was, there simply was nowhere close to the amount of growth stocks acting as well as OKTA, for example, below on its daily chart. 

That need not rule out a fresh leg lower from here in the broad market, what with the major indices struggling at their respective 200-day moving averages since the Christmas rally. 

But it does mean bears will need to eventually turn their claws on names like OKTA TEAM, etc., in lieu of simply names like Caterpillar. 

Moreover, some impressive turnarounds are taking place for bulls this earnings season so far, be it CLF CMG or SNAP.