I understand what you're saying, I just disagree.
I'm sure you know..The market is guided by "the invisible hand".
If you notice, the market went into freefall last year and most people (99%) really had no idea it was coming, or to the extent. The market knew what was on the horizon.
It is forward looking.
The market has shown strength the last few months, because it knows what's coming. IMO-The market is in the very beginning of a new bull. The only thing that's going to stop it, is another event like 9-11.
IMO-The people aren't moving into dow stocks because of fear, I believe they are moving into them because they are getting back to more reasonable investing.
That's an importance difference in motive.
Also, you hear about small caps being the place to be. The small caps today are the large caps of yesterday. So it makes sense that they are the place to be. LOL.
The weight of the rate cuts and the increased government spending is going to be too much for the bears to lift.
I believe that if they don't start covering now, they are going to find they will have to cover in a rush, and I think what happened to the bulls in the bubble, will happen to the bears. It will be a shorters bubble this time.