Reflections on the one-year anniversary of what I termed on March 23 last year, as 'The Inger Bottom', are sort of important as we reversed our bearish (since January 2020) stance to bullish as others panicked.

And although target levels have been reached or exceeded for virtually everything in rolling phases, the psychology of this move as expressed by most analysts is suspect. While I have called for 'The Roaring 20's', many months ago before others, I need to emphasize that the market is anticipating the strong economy and may not move in lockstep with the future robust economy. Initially yes, but later on not necessarily. Really a lot has been priced-in (discounted) by the big cap advances. Rotation can stave-off a more serious decline; but perhaps not indefinitely.

The Fed is sort of lost in terms of policy; and seemingly has no choice but to remain accomodative to the extreme, if they want to avoid being blamed for a possible market crash down the line. It's why everyone watches the 10-year Treasury like a hawk, and the averages do respond to the minor moves. So, while I don't disagree that it can creep over 2% without impeding growth (that is for sure still very low level), I don't concur that markets must stay sanguine. So keep an eye on that but don't overthink it.

If you noticed CNBC today observing the one-year anniversary of the bottom, they spoke about how 'everyone was in panic and fearful that day'. Hardly we say. The day before the Federal Reserve made their support evident and we thought that was a set-up for turning the market. It was not merely stimulus package hopes that some pundits focus on; because they forgot about how crucial Fed support was at that time. (Tina.) On March 23rd you had panic on the airwaves, and I thought that was the precise bottom. It was. My view was that you would not see the S&P at lower levels, perhaps for many years to come. And you did not and will not see that.

However, there is risk, and it's actually been witnessed in recent weeks, which should be no surprise. Analysts and pundits keep looking for upside as they tend to extrapolate incredible forward multiples on higher expensive stocks; a common characteristic of 'greed' in a pricey market, as well as reflecting that the money managers are stuck in those high priced 'grand dames' and really have no other sandbox to easily play in outside of those big caps. Recently of course they were hit, and you rarely hear sell; only buy more 'as if' bargains were free.

Executive summary:

• Market participants were tardy all along generally; and are trying to milk more out of an extended market possibly headed for trouble this Spring.

• The delayed tax filing date (not to mention stimulus checks) might distort patterns that would leave the market more vulnerable sooner than later.

• The above refers primarily to the so-called younger retail speculators just recently getting their feet wet in stocks based on seeing prior gains.

• Just remember that outrageous big-cap high prices are the reward for those who bought earlier, not the signal to jump in hoping for even more; if one more nurse asks about Bitcoin I will get elevated blood pressure.

• I point out that seasonal monies are normally 'in' the market by now; so in a conventional manner, one shouldn't expect steady upside movement.

• One can expect the continued rotation between tech and basic materials (aka infrastructure); especially given the huge bill President Biden wants for 4 Trillion for infrastructure.

• None of the precludes a debt-based fiasco down the road; but short-term should be limited to corrections; such as already experienced.

Meanwhile . . I'm now in a physical therapy rehab, and in considerable pain (just had another minor surgery an hour ago) related to the backside wound the ICU gave me due to (frankly) neglect (busy or not) at turning me (hence I got a large wound that is a 4 on a 4 scale; and fortunately the doctors here are helping me (such as having a negative pressure 'wound vac' attached). It makes performing exercises in the gym here harder; but I'm trying my best.

Presuming I become ambulatory (it's very slow but I sense some progress), I will have to deal with the wound for months; though it won't interfere with my return to greater market coverage. You can sense improved spirits in this note after the physical therapist returned me to the room (my office now of sorts), and worn out. I can't commit to regular daily reports; but I will try as time and my pain level allows. The busy rehab schedule has to work; it just has to.

As far as lower price stocks we follow; LightPath (LPTH) is just quiet but one day it's going to be discovered and possibly zoom (low market cap helps prospects). Sorrento (SRNE) may seem like an enigma; it sort of is. However Fidelity and others were significant buyers in recent weeks/months. Also the EUA for Covi-Stix rapid test could be denied or approved literally any day now. Today's dip most likely relates to both Pfizer (PFE) and Merck (MRK) working on a 'pill' to treat COVID. What investors are missing is that those 'pills' are trying to use protease inhibitors similar to the early HIV meds, whereas Sorrento and Regeneron (REGN) focus more specifically on monoclonal antibodies.

Finally, of course there is Intel (INTC), which (finally) has better prospects with their plans for a huge foundry in Arizona. Too bad they didn't do it earlier when they might at least kept Apple as a large customer. Although Apple (AAPL) planned to go for its own silicon for awhile.

In sum... the market is sloppy but don't count-out a seasonal rebound. And in that area, expect me to continue my own rebound; and thanks for the support and good wishes during what has been a struggle. It still is, but at least all the life support devices that were in me (several) have been removed and that is a blessing itself. Now I have to be optimistic and look forward to discharge. As I'm up to it, I'll do more frequent market updates; probably not every day but I will when it works out.

Enjoy the season and avoid Miami Beach :)