Retracing the Bullard Bounce

(1) Bullard Bounce without Bullard? (2) From taper tantrum to tightening tantrum. (3) From one-and-done to none-and-done? (4) The famous airplane scene in “Almost Famous.” (5) Maybe commodity prices are near their lows after falling so far over the past year. (6) Maybe the worst is over for non-dollar currencies. (7) Is it too late to panic? (8) The alternatives to stocks are mostly near-zero interest rates. (9) Global economy is chronically weak, but recession still seems unlikely. (10) Forward earnings remain near record highs for S&P 500/600/400.