Welcome to the last trading day of 2022, everyone. As I wrote to our premium members yesterday, the massive run-up in equities offered the risk of “snookering” people into buying, but ” is going to melt like a freshly-fallen snow in the sunshine.” Sure, we may rip higher on Tuesday (the first trading day of 2023, when people will be at their most optimistic) but my point still stands. The “Santa Claus Rally” of 2022 has been a pathetic death watch…

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Even the likes of Tesla (TSLA), which had fallen to one QUARTER of its value from the year prior, couldn’t even hold a modest rally together. It roared almost 20% in the span of a day, but it’s pissing away some of those gains almost at once.

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And, the saddest market of all – – bonds – – is approaching is three-year birthday (!!!!!!!) for its own bear market. Seriously, people. Thirty-three months of declination, as the world finally figures out that loaning cash to a hopelessly indebted fallen Republic isn’t such a great idea.

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The thing is, out of 10,000 people, only one of them is a real bear. The rest of them are going to do everything they can to seduce you into thinking the bear market is over and you should just buy whatever they tell you to buy. Indeed, moments ago, when I went to my brokerage’s home page, I was presented with this doe-eyed declaration.

The world as we knew it is already gone, folks. It’s just taking some time for the market to realize it. This bear market is going to move in stages. It has wiped out complete shit stocks like WeWork, Palantir, and Virgin Galactic, as well as frauds like FTX. What’s next on the docket is the stuff that has survived so far.

The bear market isn’t over. It’s just getting started.

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