With the exception of a persistently-smaller clutch of mega-cap stocks (I’m looking at you, AAPL), the equity market has been in quiet, grinding bear market for months now. It’s just the household names that are keeping this whole thing propped up.

Even some of the most classically well-formed bullish charts from last year are feeling the heat. I offer as Exhibit A the stock Silvergate (SI), which even to this bear’s eyes looked terrific.

Let’s look at an updated chart. The breakout has utterly failed. And while it may seem prices have just slipped a little, that isn’t a small thing. That’s nearly a 50% haircut. 

The poor traders who bought at the top would need an unlikely 100% bounce in prices to get back to their entry level. I would also add that, in a true bear market, this thing would utterly collapse just like everything else.

One can assume that the analysts had issued strong sell signals at the top, correct? No, you know better. As always, not a single Sell was issued.